South Korea | U.S. Pork Making An Impact On South Korean Market | Exports of...
South Korea
U.S. Pork Making An Impact On South Korean Market
Exports of U.S. pork to South Korea have dramatically increased, now accounting for 28 percent of total South Korean pork imports. Significant jumps in domestic pork prices and decreases in the value of the U.S. dollar have fueled part of the trend, making U.S. pork more appealing.
“U.S. chilled pork belly has similar quality and taste compared to domestic brand pork,” according to Jihae Yang, USMEF Korea director. “Because it’s sold at half the price of domestic product, we expect much more U.S. pork to be imported.”
In July chilled pork import volume hit 1,150 metric tons (mt), rising above the 1,000 mt level for the first time since 1999. The United States has a 70 percent share of the Korean chilled pork import market, and exports are about 143 times more than they were in 2004, according to Korea’s Money Today.
About 95 percent of U.S. pork is supplied to restaurants, said Yang, but large Korean discount stores and supermarket chains, such as E-mart, Homeplus, Lotte Mart and Costco, have recently started selling U.S. pork.
USMEF is encouraging additional U.S. pork imports in Korea through promotion and education programs targeted to buyers and consumers. Newsletters to the Korean meat trade are providing information and data about U.S. pork, such as U.S. pork production volume, wholesale prices and USMEF promotional efforts. USMEF conducted sampling of U.S. pork at more than two dozen retail outlets during the month of August alone.
South Korea
U.S. Pork Making An Impact On South Korean Market
Exports of U.S. pork to South Korea have dramatically increased, now accounting for 28 percent of total South Korean pork imports. Significant jumps in domestic pork prices and decreases in the value of the U.S. dollar have fueled part of the trend, making U.S. pork more appealing.
“U.S. chilled pork belly has similar quality and taste compared to domestic brand pork,” according to Jihae Yang, USMEF Korea director. “Because it’s sold at half the price of domestic product, we expect much more U.S. pork to be imported.”
In July chilled pork import volume hit 1,150 metric tons (mt), rising above the 1,000 mt level for the first time since 1999. The United States has a 70 percent share of the Korean chilled pork import market, and exports are about 143 times more than they were in 2004, according to Korea’s Money Today.
About 95 percent of U.S. pork is supplied to restaurants, said Yang, but large Korean discount stores and supermarket chains, such as E-mart, Homeplus, Lotte Mart and Costco, have recently started selling U.S. pork.
USMEF is encouraging additional U.S. pork imports in Korea through promotion and education programs targeted to buyers and consumers. Newsletters to the Korean meat trade are providing information and data about U.S. pork, such as U.S. pork production volume, wholesale prices and USMEF promotional efforts. USMEF conducted sampling of U.S. pork at more than two dozen retail outlets during the month of August alone.