A quiet month ahead for the Korean wholesale market
4/09/2009
The Korean wholesale market remained quiet this week, in line with previous years in the month before Chuseok (Korean Harvest Festival). Australian wholesale prices were steady, although prices for imported US short rib and brisket did increase due to last minute demand and a market shortage (Meat News, 2009). Australia exported 11,485 tonnes swt of beef to Korea in August, a lift of 9% on the previous month and 60% on August 2008. Chilled items made up only 23% of total exports in comparison with 33% in the same month in 2008, reflecting the difficult times in the Korean foodservice sector. Chuseok will fall on 3 October this year, with beef gift sets being the most popular present given. Australian and domestic Hanwoo beef gift sets are being offered at department stores, hypermarkets, supermarkets and hotels. Customers purchasing Hanwoo gift sets are expected to pay a premium, as prices for domestic cattle have risen to the highest level since April 2004. Korean ministry officials said this price could continue rising until early October, before the Chuseok holiday starts (Foodmarket, 2009).
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