Weekly USMEF Audio Report: U.S. Beef Exports to South Korea Continue to Soar
DENVER, CO – August 14, 2019 – U.S. beef exports to South Korea set a new monthly value record in June of $178.3 million, pushing first-half exports 15% ahead of last year’s record pace. With a strong second half, exports to Korea could approach $2 billion in 2019.
U.S. Meat Export Federation (USMEF) Korea Director Jihae Yang (pronounced Jee-hay Yang) says the U.S. beef industry is supplying a wider range of cuts to the Korean market, expanding U.S. beef’s presence in emerging venues such as convenience stores and e-commerce platforms. She notes that since the Korea-U.S. Free Trade Agreement (KORUS) began lowering tariff rates on U.S. beef in 2012, per capita beef consumption in Korea has increased from 22 pounds per year to 27.5 pounds. Yang adds that home meal replacement items are very popular with Korean consumers seeking convenience, and U.S. beef is capitalizing on this rapidly growing opportunity.
A detailed summary of U.S. beef, pork and lamb exports through the first half of the year is available from the USMEF website.
The U.S. Meat Export Federation (www.USMEF.org) is the trade association responsible for developing international markets for the U.S. red meat industry. It is funded by USDA; the beef, pork, lamb, corn and soybean checkoff programs, as well as its members representing nine industry sectors: beef/veal producing & feeding, pork producing & feeding, lamb producing & feeding, packing & processing, purveying & trading, oilseeds producing, feedgrains producing, farm organizations and supply & service organizations.
Submitted to the BARN by:
Vice President, Communications
U.S. Meat Export Federation