South Korean beef fund raises export support budget to expand overseas market

Published Jul 5, 2023

Tridge summary

The Korean Beef Fund Management Committee is increasing its budget to support the expansion of the Korean beef export market, following successful exports to Malaysia. The budget change includes an increase of KRW 1.5 billion for the Korean beef export support project, which will be used for various activities such as participation in fairs, sales promotions, and media publicity. Additional budgets were also allocated for developing the halal market and resolving oversupply in the domestic market.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

As the public-private joint efforts to expand the Korean beef export market continue, such as the recent successful export of Korean beef in Malaysia, the Korean Beef Fund Management Committee (Chairman Lee Dong-hwal) is supporting this by increasing the related budget. The Korean beef fund recently held a management committee and passed the original draft of the ‘2023 Korean beef fund business plan and budget change (draft)’, including these contents. The number of Korean cattle raised is expected to reach a record high of 3.64 million in September. The average price of Korean beef in June was 15,558 won per kg, which is a more than 20.8% drop compared to the price in June last year. As this trend of oversupply is expected to continue for the time being, one of the countermeasures to address it is to expand the Korean beef export market. According to this budget change, the budget for the Korean beef export support project was adjusted to KRW 3,922.15 billion, an increase of KRW ...

Source: Nongmin