Aussie goatmeat exports to South Korea are growing
South Korea is emerging as one of Australia’s fastest growing goatmeat export markets by value and volume, almost doubling its Australian goatmeat imports in 2021. It is now the second largest export market for Australian goatmeat, claiming the position from Taiwan which had held the title since 2000. In the January to September 2021 period, the value of Australian goatmeat exports to South Korea increased 107% compared to the same period in 2020. The value of exports to South Korea is expected to further increase under the Korea–Australia Free Trade Agreement (KAFTA), which will see import tariffs drop to 2.2% this year and 0% in 2023, announced Meat and Livestock Australia (MLA).
In terms of volume and value, the US remains the largest market for Aussie goatmeat, accounting for around 66% of exports, with a 47% year-on-year increase in volume. In the 2021 calendar year, goatmeat exports to the US were valued at $167 million, up from just under $100 million in 2020.
Meantime, growing consumer demand in the United Kingdom combined with the Australia-United Kingdom Free Trade Agreement (A-UK FTA) could open up further export potential for the Australian goatmeat industry.
The UK has significant and growing populations that enjoy goatmeat, with imports trending up over the past 25 years and averaging around 550 tonnes per year over the past five years.
In the 12 months to November 2021, the UK imported around 830 tonnes shipped weight (swt) of goatmeat valued at just under A$5 million. The main supplier of goatmeat to the UK is Spain with 83% volume share in 2021, followed by Greece (10%), Ireland (3%) and Australia (2%).
In 2021, the production volume and value of Australian goatmeat started to increase for the first time since 2017.
The downward trend had been largely due to unfavourable seasonal conditions and COVID-19 disruptions to foodservice channels globally, which is a main selling channel for Australian goatmeat exports. Australian goatmeat export values generally continue to rise, with the average unit value in 2021 of A$12.55/kg swt. The goat over the hook (OTH) indicator is now just under 900c/kg carcase weight. According to FAO data, Australia remains the top global goatmeat exporter in volume and value, followed by Ethiopia, Kenya and Spain.
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