US beef regains 50% market share in Korea
US beef has regained the dominant position in South Korea's imports reaching back the 50% market share lost 16 years ago. According to data issued by the Korean International Trade Association (KITA), the Asian country imported almost 190,000 tonnes of US beef in the January-October period, up 7.9 percent from 175,000 tonnes during the same period a year earlier.
Beef imports from Australia, meanwhile, decreased 1.1% on-year to 155,000 tonnes during the cited period, relegated to second place in the foreign beef market in Asia's fourth-largest economy.
In terms of value, US beef imports reached $1.54 billion during the cited period, up 10.4% on-year, KITA said. The market share for US beef has dropped sharply in 2003, following a mad cow outbreak. Restrictions were lifted in 2008 but Australian beef had the largest market share in this market until last year.
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