US beef exports find momentum in Taiwan, South Korea

IARN — The US Meat Export Federation says beef exports to Taiwan and South Korea have been impressive.

The latest trade data shows US beef exports to Taiwan and South Korea reached new heights in August. Dan Halstrom – USMEF president and CEO – says Taiwan’s foodservice sector has made a strong recovery from COVID-19 related restrictions imposed earlier in the year, while retail demand for US beef remains good.

“Taiwan has been a very strong market for US beef for several years now,” Halstrom said. “In August, we exported a record 7,400 metric tons. We’re seeing a tremendous foodservice recovery. Quite frankly, Taiwan might have been one of the least impacted markets due to COVID. We’re seeing foodservice not only back to normal in Taiwan, but probably exceeding where we were pre-COVID.”

Halstrom says South Korea has also been an impressive market with exports of 27,000 metric tons at $183 million, both figures being all-time records.

“The environment has been more challenging in Korea, though, as COVID-19 impacts have been volatile,” Halstrom said. “We saw impact back in early spring, in April and May we saw them coming out of it, and now late summer-early fall they’ve gone back into it. It’s been a little bit unpredictable. With that being said, we are still seeing a rebound in foodservice overall. We were hoping it would be quicker, but it is starting to come around. Meanwhile, the real success story in Korea has been the retail, and the online digital platform business is absolutely booming.”

Halstrom adds that cattle herd rebuilding efforts in Australia have tightened supplies of Australian beef, further enhancing opportunities for US beef export growth.

Story courtesy of the Iowa Agribusiness Radio Network

Image source: U.S. Meat Export Federation

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