Australian beef exports to Korea in October totalled 14,683 tonnes swt – increasing 20% on October 2011 and 52% on October 2010, with sharp rises in blade and chuck roll volumes (DAFF).
From 1-19 November, beef exports totalled 8,519 tonnes swt and may reach similar monthly volumes to last year, when Korean consumer demand for beef was much stronger than in 2012.
The recent spike in beef exports is reportedly the combination of tightening stocks for certain cuts in the past few months, higher US beef prices and uncertainty about supply. Most of the additional volume is frozen grassfed product, which is likely to be stored, given that Korean consumer demand for beef remains slow.
Korea’s Central Bank reported this week that it expects Korean consumer spending growth in 2012 to be the weakest in 14 years. The nominal growth of the country’s spending is likely to reach 2.5%, down from 6.1% in 2011, due to increasing household debt and slow economic conditions (Yonhap News).
