Demand for imported beef soars in Korea as wallet thins

[Photo by Ticket Monster]

As their wallets thin, meat-loving South Koreans are turning to imports.

According to e-commerce service provider Ticket Monster on Thursday, imported beef accounted for 61.8 percent of total beef sales in the first 10 months of this year, surpassing that of Korean beef, or hanwoo, with 38.2 percent. Sales of imported beef have increased significantly from a year ago when imported beef accounted for 36.8 percent of total sales during the same period while hanwoo 63 percent.

Data from the Ministry of Food and Drug Safety also showed that total volume of imported beef in the January-September period jumped 19.7 percent on-year to 306,000 tons.

Demand for U.S. beef, in particular, was high, overtaking that of Australian beef.

U.S. beef accounted for 48 percent of total imported beef sales at Ticket Monster this year, higher than that of Australian beef (47 percent). Last year, Australian beef accounted for 58 percent of total beef sales.

An unnamed official from Ticket Monster said that U.S. beef is believed to be more suited for Korean palate and dishes as Australian beef are mostly used for cooking steak whereas U.S. beef for grilling and braising.

Meanwhile, data also showed that Koreans are consuming more imported pork as they are cheaper, yet in similar quality and taste.

Sales of imported pork accounted for 60 percent of total pork sales at Ticket Monster this year, up 5 percentage points from last year.

According to Korea Agro-Fisheries & Food Trade Corporation, the retail price of first-grade hanwoo short-ribs was 5,778 won ($5.1) per 100 grams as of November 12 whereas 2,436 won for frozen ones from the U.S. and 2,428 won for chilled ones from Australia. The price of imported samgyeopsal, or pork belly, was also 45 percent cheaper than that of domestic ones.

[¨Ï Maeil Business Newspaper & mk.co.kr, All rights reserved]