South Korea: Australian goat meat imports soar, domestic market red light

Goat Meat

Meat

South Korea

Market & Price Trends

Published Mar 25, 2024

Tridge summary

South Korea's imports of Australian goat meat hit a record high of nearly 6,000 tons in 2021 due to increased domestic consumption and a rise in meat prices. Australia accounts for 99% of South Korea's goat meat imports. However, the domestic goat breeding scale in South Korea has been declining for three years, attributed to the implementation of a compensation system in 2018 and rising feed prices. This has led to concerns about foreign products dominating the domestic market due to insufficient supply.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Last year, imports of Australian goat meat reached an all-time high, reaching nearly 6,000 tons. It is analyzed that as domestic goat meat consumption has increased, imports of relatively inexpensive Australian products have increased, taking advantage of the sharp rise in meat prices. On the other hand, the domestic breeding scale has decreased, and it has been pointed out that industrial protection measures are urgently needed. According to the Korea Customs Service, foreign goat meat exceeded 1,000 tons for the first time in 2014, with 1,436 tons imported. Afterwards, it gradually increased to 1883 tons in 2021. What is noteworthy is the growth since then. It increased by 76% to 3,322 tons in 2022, and 5,995 tons, 80% more, were imported last year. This year, 812 tons were imported until February. It is 44% more than the same period last year. The main target country for goat meat imports is Australia (99%). A small amount also comes from New Zealand. The analysis that the ...

Source: Nongmin