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South Korea allows duty-free beef imports

Jul, 27, 2022 Posted by Gabriel Malheiros

Week 202230

In an effort to combat rising inflation, the government of South Korea announced several temporary measures to lower prices for staple food items, including beef. President Yoon Suk-Yeol declared that duties on 100,000 tonnes of imported beef would be eliminated beginning July 20 and continuing until the end of the year.

South Korean inflation is now at 6%, and the won has devalued against the US dollar. Weaker exchange rates and high fuel costs have resulted in price hikes and limited discretionary income as a significant importer of energy, raw materials, and staple commodities. The South Korean government’s initiatives are aimed at cutting prices and sustaining consumer confidence.

Australia currently faces a 16% tariff on exports to South Korea, while the United States pays 10.6%. The MLA said that other exporters, including the Mercosur trading bloc, pay a 40% tariff.

Korea was Australia’s second-largest beef export market in 2021, receiving 178,931 tonnes. In a year of declining Australian exports, exports to Korea grew by 5%, especially refrigerated products.

South Korea’s leading suppliers are the United States and Australia. The US exported 250,000 tonnes, about 53% of the total, while Australian imports accounted for 38%. The remainder consisted mainly of New Zealand, Canada, and Mexico. In addition, Uruguay exported 2,600 tonnes of fresh beef to South Korea in 2021.

Source: Beef Point

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