Beef
Market overview
Korea is Australia’s third largest beef market by volume. The Korean market liberalised on 1 January 2001. With liberalisation, the quota system was changed to a tariff-based import regime. Current tariffs for Australia are 40% for fresh and frozen beef and 72% for value added beef products.
Timeline of impacting events for the Korean beef market
Export statistics
Australia exported 146,347 tonnes swt of beef to Korea in 2011, 18% higher compared to 2010 (DAFF). Our beef exports last year consisted of chuck roll (22%), blade (15%), manufacturing (11%), short ribs (11%) and brisket (9%) while other cuts made up 32% of total volume.
Import statistics
Korea imported 307,613 tonnes swt of beef in 2011, 18% higher compared to 2010 (KITA). Total beef imports last year were divided between Australia (50%), US (37%), New Zealand (11%) and Mexico (2%).
Domestic supply
Korea supplies almost 50% of total Korean beef demand with a total herd of more than 3.35 million at the end of 2011 – consisting of beef cattle (88%) and dairy cattle (12%).
Outlook
Meat & Livestock Australia expects Korean beef demand to continue to expand over coming years, driven principally by income growth and modernisation of diets. The IMF is projecting a 20% rise in Korean GDP per capita over the coming five years, with the potential for beef consumption to grow by around 100,000 tonnes cwt in the 2011-2016 period, providing there was to be no appreciable rise in beef prices.
For the full red Meat Market Report: Korean beef market profile and outlook
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