Demand for U.S. beef swells
U.S. beef imports surged in September, fueled by consumer demand for premium sirloin and rib cuts, a report by the Agro-Fisheries Trade Corp. said yesterday.
The state-run corporation said U.S. imports totaled 7,030 tons worth $43.98 million, or roughly 35 percent of the total quantity of beef brought into the country in the one-month period.
In terms of total value, U.S. beef accounted for 43 percent of all imports, as U.S. cuts fetched higher prices than those imported from Australia and New Zealand.
Korea imported 20,253 tons of beef worth $103.13 million last month. The market was opened to most U.S. cuts on June 26 after a new trade agreement went into effect.
The findings showed U.S. beef imports jumped 126 percent in terms of value and 136 percent in terms of quantity compared to August when inbound shipments reached 2,984 tons worth $19.45 million.
Imports of Australian beef, which has been the best seller in the absence of U.S. beef, fell to 10,501 tons worth $49.47 million in September. The figure represents about 50 percent of all imports, but is lower than the 70 percent market share the meat enjoyed in May.
Imports of New Zealand beef, which had ranked second, fell to 2,312 tons worth $8.42 million. Yonhap