US to remain South Korea's main pork supplier
Amey Brassington, analyst at the Agriculture & Horticulture Development Board (AHDB), said the initial expectation was that South Korean imports would decrease this year due to increased domestic production.
The US was South Korea's main supplier of pork in the mentioned period, with shipments reaching 149,000 tonnes valued at $408 million. These imports accounted for 35% of South Korea's total pork imports by volume and 31% by value.
EU's pork exports to South Korea increased by 7% in September, accounting for half of the Asian country's total pork import volumes, at 214,400 tonnes.
Brassington added that South Korea could face challenges next year in the context of growing pork imports while the country's pork industry is also increasing its output. The South Korean swine herd is expected to continue to expand next year to support higher pork consumption.
Brassington said that the demand is being driven by processed meat producers’ increasing use of domestic pork and growing consumer demand due to concerns over the safety of imported pork.
Also, the South Korean pork sector may be encouraged to expand production by the low feed prices which are expected to continue. This should reduce the demand for pork from outside the country.
The AHDB analyst also added that the US is expected to remain South Korea's main supplier of pork next year and will limit the growth opportunities for EU exporters because the US has more favourable access condition to this market due to the KORUS agreement.
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