Decline expected in US pork exports to Korea
US pork exports to South Korea are expected to decline soon. The exports were enjoying a boom due to a Korean ban on US beef since December 2003. An end to that is predicted since last month this beef ban was lifted.
The year 2007 may be a turning point, the yearly USDA survey on South Korea suggests, compiled by the Foreign Agricultural Service.
Korean pig producers also gradually increased their inventory to profit from the high demand for pork. Not only high costs for beef, but also safety concerns over imported beef and poultry explains the preference for pork.
Increased consumption
The increase in domestic pig production and the aggressive pork consumption campaign funded by a check-off programme, have not only increased the consumption of non-popular cuts, such as pork tenderloins, they have also reduced imports.
Domestic pork prices are expected to decline, as the lower demand for pork will force the Korean pig producers to reduce herd sizes – increased slaughter will result in larger supplies, lower prices further reducing the demand for imported pork.
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