Importers Face High Stocks & Weak Demand

9 February 2012, at 9:04am

SOUTH KOREA - Various Korean beef importers reported this week that high stock levels and weak consumer demand is hindering trading activity, reports Meat and Livestock Australia.

During 2011, Korea imported 307,613 tonnes swt of beef - increasing 18 per cent year-on-year (KITA).

According to industry sources, cold storages have also been filled with pig meat, the consequence of Korean importers buying increased supplies of pork last year in the wake of the foot-and-mouth outbreak. Pork imports rose 68 per cent in 2011, to 487,146 tonnes swt in 2011.

The recent discounting of domestic Hanwoo beef in Korean retailers ahead of the Lunar Year has also increased competition for imported beef products. With subdued trading activity in the Korean wholesale market, prices for the majority of imported beef cuts were either unquoted or remained unchanged this week.