For every part of 2018 which was frustrating to the Ag industry, we did have some good news to celebrate. Beef exports set a record high value at over eight billion dollars. This was an increase of over a billion dollars and half of the increase came in the South Korean market place.
South Korea significantly upped the amount of U.S. beef they imported in 2018, increasing 43% to $1.75 billion dollars’ worth. This now makes South Korea second only to Japan in the value of U.S. beef imported. South Korea imports 58% of its chilled beef from the United States. The US Meat Export Federation’s (USMEF) Jihae Yang says South Koreans are finding the quality beef they want at prices they like, thanks to the Korea – U.S. Free Trade Agreement (KORUS).
Yang says traditional markets are making their conversions from Australian beef to U.S. beef. Also, the marketplace is expanding into e-commerce, which is allowing more U.S. Beef to get to more consumers in South Korea.