Korean weekly wholesale prices for imported beef this week were reportedly steady on last week, with the exception of US short rib prices which eased another 2% on last week at KRW12,800/kg. In contrast, Hanwoo carcase prices were up 3% on last week but were still 14% lower than the same week last year, at KRW 11,184/kg. Pig carcase prices eased 5% from last week and 18% on the same week last year, at KRW 3,733/kg.
May is referred to as “Family Month” in Korea when demand for beef is generally heightened, as warmer weather traditionally encourages people to be more active in outdoor activities. However, it is reported that imported beef sales at major hypermarkets have remained relatively slow, due to low consumer spending. In addition, continued Hanwoo and domestic pork promotion linked with the “Family Month” reportedly lowered interest for imported beef from Korean traders this week.
However, sales of Australian beef have been assisted through marketing activities in Korea, with major Korean retailers conducting in-store sampling every month, with a total of 2,101 in-store sampling held during April. MLA’s marketing activities have been targeted towards the upcoming high consumption period during summer in Korea.
