Beef exports to Korea strong in 2015

After the first half of 2015, Korea is one of only four major export markets* for Australian beef that has recorded a significant increase in volumes compared with last year. In fact, the January to June total of 78,786 tonnes swt is the highest for that period to Korea on record, and was 8% higher than the same time last year (Department of Agriculture).

The other major positive about the beef trade to Korea this year is that the value of these exports has risen 26% (for January to May), to $441 million. This indicates that despite the higher price of beef in 2015, Korean consumers have shown a commitment to, and willingness to purchase, Australian beef.

At the end of May, Korean import statistics showed that Australian beef imports had risen 6%, to 65,716 tonnes swt, accounting for 57% of total imported beef so far this year. At the same time last year, Australian beef had 54% of imported beef market share. Other major imported beef suppliers to Korea are the US (34%, down from 37% in 2014) and New Zealand (8%, down from 9% in 2014).

*Of Australia’s top 10 export markets in 2014, the US, Japan, Korea and Canada recorded increases over 5% during the first half of 2015, while China was steady, and exports decreased to Indonesia, Taiwan, Saudi Arabia, the Philippines and Hong Kong.