US beef strengthens its position in the Korean market
Last year US beef exports shattered the previous value record and achieved a new high for volume, according to year-end 2018 statistics released by USDA. US beef exports reached 1.35 million tonnes, up 7% from 2017 and exceeding the 2011 record by 5%.
In terms of value, US beef exports have reached $8.33 billion, up by $1 billion (15%) compared to 2017. The most important growth was recorded in Korea, with 30% year-over-year in volume to 239,676 tonnes and +43% in value to $1.75 billion – an increase of $526 million over the 2017 record and more than double the value total posted just three years ago. Chilled beef exports to Korea increased 19% to 53,823 tonnes and climbed 29% in value to a record $525 million, illustrating US beef’s surging success in the Korean retail and foodservice sectors. US beef accounted for 58% of Korea’s chilled beef imports in 2018.
"There may have been no greater ag trade success story in 2018 than U.S. beef exports to Korea. Less than a decade removed from street protests opposing the reopening of this market, Koreans now consume more US beef per capita than any international destination,", said Dan Halstrom, USMEF president and CEO.
Part of that success story is relying on the Korea-US Free Trade Agreement (KORUS), which has dramatically lowered import duties on US beef, mentioned Halstrom. Since KORUS was implemented in 2012, the import duty rate on US beef has declined from 40 to 18.7% and will fall to zero by 2026. The most important competitors for US beef in this market are Australia, Canada and New Zealand but the import duties applied in their case are ranging from 24% to 26.6%.
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