South Korea sees pork consumption, imports down
South Korea has reduced pork imports in the first quarter of the year due to coronavirus outbreak and restrictions imposed since the end of January. Shipments of pork to this market have dropped by 25% compared to Q1 2019 and according to the latest Rabobank report, sausages and ham are the products less demanded lately in the Asian country.
The situation impacted mostly the Spanish exporters, which kept their prices high compared with those offered from competitors from other countries. "All major suppliers were affected, but Spain suffered more than most. Spanish prices were higher than the other major suppliers (the US, Germany and Canada), which may explain why it lost market share", explained Bethan Wilkins, Senio Analyst for AHDB.
Over the first three months of 2019, pork imports in South Korea were close to 50,000 tonnes, while this year the Asian Country imported 35,000 tonnes of fresh/frozen pork. Lately, the US Meat Export Federation (USMEF) has changed the strategy regarding the Asian markets by sending messages to consumers in Japan and South Korea about the flavor and versatility of thick-cut US pork when cooked at home. "We are encouraging shoppers to choose US pork instead of domestic pork and pork from other countries. We are also sharing recipes for cooking US pork in a variety of ways, including slow-cooking at low temperatures to bring out the flavor and tenderness", said Takemichi Yamashoji, USMEF director in Japan. Also, thanks to low prices, US pork producers have acquired a larger market share in the Vietnamese market, where they are competing against Spain, Italy, Canada, Poland and Brazil.
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