Australia increases share of Korean imported beef market

In 2015, Australia increased its share of the imported beef market in Korea, from 54% in 2014 to 57% in the first 10 months of 2015.

Australia’s increased market share largely came about due to higher Australian exports, but there was also a small decline in NZ shipments in 2015. However, this was mainly during a very strong period in the first half of the year – Korean imports of US beef have increased substantially since August, and are likely to continue pressuring Australian market share in the last two months of the year, and into 2016. Australia’s forecast lower beef production in 2016 is also likely to result in lower shipments to Korea next year.

Australian beef exports to Korea in 2015 (to November) remain dominated by chuck roll (24% of shipments) and blade (16%), but there has also been a significant increase in brisket shipments compared to previous years (80% higher than 2014, and still with December to be counted).Short rib shipments have been lower to Korea this year, partly as a result of much larger shipments of similar cuts from the US, and partly due to the growing popularity of short ribs in Australia, China and Indonesia.