US beef imports at record high in Korea's imported beef market

 

By Yonhap

via The Korea Herald - Dec 2, 2019

 

Beef imported from the United States increased significantly to hit a share of over 50 percent of South Korea's imported beef market this year, a trade promotion agency said Monday.

 

South Korea imported 209,034 tons of US beef in the January-October period, up 7.9 percent from 193,685 tons tallied during the same period a year earlier, according to data from the Korea International Trade Association.

 

US beef regained a share exceeding 50 percent of the total imported beef market here for the first time since 2003, when South Korea halted imports of US beef in the wake of a mad cow disease outbreak, KITA said.

 

Beef imports from Australia, meanwhile, decreased 1.1 percent on-year to 172,582 tons during the cited period, relegated to second place in the foreign beef market in Asia's fourth-largest economy.

 

In terms of value, US beef imports reached $1.54 billion during the cited period, up 10.4 percent on-year, KITA said.

 

US beef maintained the No. 1 status after the country fully opened its market to imports in 2001...

 

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