South Korean pork imports remain stable
Korean imports of fresh and frozen pork have remained largely static in the first six months of 2016, up less than half of one percent, at 230 thousand tonnes.
This followed a sharp increase the year before to supplement decreased production following outbreaks of PEDv and FMD. Since then, domestic production has recovered, which has helped to satiate a growing domestic demand. Increased production has been somewhat tempered with sporadic FMD outbreaks during the first half of the year. These have largely been contained, therefore not having the same level of impact on the domestic herd and production as the 2010 outbreak. Overall, Korean pork consumption has continued to increase, as growing economic pressures move consumers away from expensive Hanwoo and imported beef, and towards cheaper protein sources.
Imports from the EU decreased by 4% on the same period in 2015. Shipments from Germany were back slightly, while the reverse was true for imports from Spain. However, imports from non-EU countries were up 4%, largely driven by an 8% increase in shipments from the United States. The US dollar had been weakening against the euro during the first half of 2016, helping to make US pork more competitive over its European counterparts.
Vikki Campbell, Senior Analyst
Vikki.Campbell@ahdb.org.uk, 024 7647 8741