South Korea

Pork exporters may pay attention to the South Korean market

Pork

A recovery in pig meat demand from South Korea in 2022 is expected, according to the latest USDA forecast.

Posted on Feb 01 ,14:20

Pork exporters may pay attention to the South Korean market

The South Korean pork market is expected to recover in the following months, although right now is facing another SARS-CoV2 wave that impacts trade. However, since last autumn, pork imports have increased to 122,000 tonnes, 25% higher year-on-year, despite a lower figure for the first 9 months of 2021 (224,000 tonnes, 6% lower than the volume imported in H12020). By the end of 2021, full-year imports stood at 465,000 tonnes, 3% more than in 2020.
"The three most notable trends since the beginning of 2020 have been the loss of market access for German exporters, as South Korea banned product in the light of Germany’s African Swine Fever outbreak. The subsequent increase in exports from other EU nations, as prices fell across the bloc, increasing competitiveness. Thirdly, the slight loss of US exporters’ market share, particularly to Spain. Spain has had to refocus dramatically as Chinese import demand has cooled, and some of that refocus has been towards other Asian markets.
UK exporters have also been increasing shipments to South Korea, from a modest 1,000 tonnes in 2020, to more than four times that in 2021. This is still only around 1% of total imports," said Duncan Wyatt, AHDB lead analyst.
The lastest USDA forecast for the South Korean pig industry predicts stable or falling production, which means that imports will rise this year. Nevertheless, a recovery in trade will not be visible until current COVID-related restrictions are not withdrawn.

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