Beef

Although market access for U.S. beef was limited to a strict boneless under-30-month protocol for an intermittent five months in 2007, Korea remained the fifth largest market for U.S. beef plus beef variety meat exports, reaching 25,166 mt valued at $118.7 million.  During the brief period that the market was open, U.S. beef sales (not including beef variety meat) reclaimed a 6.4% market share of Korea’s total import volume.  The Korean market re-opening is expected to add $25 to $30 per head of U.S. cattle from premiums derived from new demand for traditional Asian cuts, including short ribs, chuck rolls, and selected variety meat items.  U.S. beef officially reentered the Korean market on June 26, 2008 when the Korean government announced import protocols, and product began arriving in Korea in July.   Sales have been slowly increasing and consumer reaction to this point has been somewhat muted.

Strategic Market Profile:  South Korea - Beef (PDF)

In 2007, U.S. pork exports to Korea dipped 9% (compared to 2006) to 99,852 mt, but value remained unchanged at $231 million. Deeper declines had been anticipated for U.S. pork exports to Korea with the resumption of U.S. beef imports; however, disruptions in the flow of U.S. beef prompted Koreans to continue consuming U.S. pork, thus increasing the demand. The expectations have since been revised as Korean pork consumption continues to increase (up 22% from 2002 to 2007), and pork remains the leading meat protein in Korea on a per capita consumption basis. U.S. pork exports to Korea represented 28% of all U.S. pork exports in 2007. Looking ahead, the U.S.-Korea FTA will bring about the eventual elimination of tariffs on Korean imports of certain U.S. pork products, and by 2014, U.S. pork will be on a level playing field with imported product from Chile.