South Korea Drops Import Tariffs for Australian Beef

South Korea is a major market for Australian beef. In June 2022, South Korea ranked just behind Japan in beef volume imported from Australia. Year-to-date 2022, Australian beef exports to South Korea were approximately 71 thousand mt less than exports to Japan. In 2021, Korea imported 179 thousand mt of beef from Australia. Although it is still early, it is clear that the tariff removal could increase Australian beef exports to South Korea, given that the current tariff is 16%. With the tariff cuts, the Korean government expects local retail prices of beef to decline by 5-8%.