S. Korea Largest Export Market for U.S. Beef for Second Year Running

U.S. beef is displayed at a retail outlet in Seoul on Jan. 10, 2023. (Yonhap)

SEOUL, Jan. 11 (Korea Bizwire) – South Korea is expected to become the largest export market for U.S. beef for the second straight year as the nation’s imports of American beef increased last year, data showed Tuesday.

According to the data compiled by the U.S. Department of Agriculture and the U.S. Meat Export Federation, the value of American beef exports to South Korea stood at US$2.46 billion in the January to November period of last year.

South Korea was the largest export outlet for U.S. beef, surpassing China (including Hong Kong) and Japan.

Even in terms of quantity, the country imported 258,759 tons of U.S. beef, higher than Japan and China, during this period.

The growth in the value of exports to South Korea was higher than the growth in the export amount, indicating an increase in the price of U.S. beef.

In value terms, South Korea’s imports of U.S. beef for the January to November period of last year already exceeded the full-year result of 2021, which was estimated at $2.35 billion.

Seoul had banned all beef imports from Washington in late 2003 after the first case of mad cow disease was confirmed but it resumed such imports in 2008. Thereafter, U.S. beef exports to South Korea have been growing at a rapid pace year after year.

J. S. Shin (js_shin@koreabizwire.com)