South Korean beef imports to remain flat, demand falls

Spanish Market: Agriculture
08/04/25

South Korea's beef imports are expected to remain flat in 2025, tempered by lower domestic consumption and a tighter US supply outlook, according to the US Department of Agriculture's (USDA) Foreign Agricultural Service (FAS).

South Korea is forecast to import 574,000t carcass weight equivalent (cwe) of beef in 2025, down slightly from 577,000t in 2024, because of falling domestic consumption, higher prices of imports, and competitive pricing of local beef. The country's beef imports have been declining since 2023, curbed by a stronger US dollar and domestic supply.

Domestic beef consumption is expected to decline by around 2pc on the year, as the South Korean economy slows and consumer demand for higher-priced domestic beef and imported premium muscle cuts dampens, according to FAS.

South Korea imported 47pc of its beef from the US and 46pc from Australia in 2024, according to FAS. But the US cattle herd has declined to its lowest level since 1951 in 2025, which could shift market share in Australia's favour.

South Korea's imports of Australian beef rose to 45,000t in January-March 2025, up by 10pc from the same period in 2024, Australia's Department of Agriculture, Fisheries and Forestry (DAFF) data show.

Australia's share of imports could rise further if South Korea implements countermeasures after the US applied 25pc tariffs on the country's exports on 2 April. But South Korea will remove the 2.6pc tariff on US beef from January 2026 under an existing Free Trade Agreement, giving the US a significant competitive advantage over Australian products.

Australia's ability to gain additional market share is also limited by the safeguard quota of 192,206t for 2025 under the Korea-Australia Free Trade Agreement (KAFTA). A tariff of 24pc is applied if volumes rise above this level. Australia exported 200,545t of beef to South Korea in 2024 — more than 8,000t above the 2024 safeguard quota.

By Grace Dudley

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