In August, Australian beef exports reached 92,080 tons, up 19% when compared to the same period in 2021. The figures represent the highest monthly total since June 2020.
The increase was mainly driven by the growth of imports to its major markets, particularly South Korea, which increased its purchases by 43% last month.
In July, the South Korean government announced that tariffs would be suspended for 100,000 tons of imported beef until the end of 2022. The suspension was introduced to fight rising inflation in the country.
The South Korean inflation rate was at 5.7% in August, and the Won (KRW) has been trending down against the USD.
The United States remained the country’s closest competitor for beef exports to South Korea. Before the 20th of July, Australia faced a 16% tariff on beef exports to South Korea, while the US paid 10.6%.
Among other countries, China increased its imports of Australian beef by 37% in August. Each of the two Asian markets accounts for 20% of the total amount of Australian beef shipments.