US beef has gained a bigger presence in Korea’s imported beef market this year achieving a share of over 50 percent, a trade agency said on Nov. 20.
In the January-October period, US beef imports reached US$989 million, accounting for 50.7 percent of the local imported beef market. It regained a share exceeding 50 percent 14 years after the ratio hit a record 75.9 percent, according to data from the Korea International Trade Association.
As the free trade agreement between Korea and the U.S. went into effect in March 2012, US beef exports to Korea have continued to rise on the back of lower tariffs and low prices compared with Korean beef products, a KITA spokesman said.
Meanwhile, Australian beef accounted for 43.6 percent of the local imported beef market in the 10-month period, down from 47.6 percent for the whole of last year, KITA said.
By Alex Lee and newswires (firstname.lastname@example.org