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Market Intelligence: What South Korea has imported this January 2024?

Pork Performance - January 2024

Most Imported Items:

1. Belly: With a total import quantity of 13,454.59 MT, belly pork is the most imported commodity, constituting approximately 35.81% of total South Korean imports. It's followed by Collar and Picnic.

2. Collar: Collar pork is the second most imported commodity, with a total import quantity of 6,986.70 MT, representing about 18.59% of total imports.

3. Picnic: Picnic pork ranks third, with a total import quantity of 15,022.66MT, accounting for approximately 39.98% of total imports.

Top Export Countries to S. Korea:

1. Canada: Canada is a significant exporter, particularly for products like Collar and Belly, with respective import quantities of 1,301.76MT and 1,180.07MT.

2. United States: The United States is a major exporter, notably for Picnic pork, with an import quantity of 11,424.29MT.

   US collar also was the highest import when compared with European origin with 3,296.53MT. Spain occupies second position for collar import into South Korea with 1,334.64MT, less than half US volume.

3. Spain: Spain plays a significant role in exporting pork, especially for Belly pork, with an import quantity of 4,456.33 MT. Chile, Germany and the Netherlands with similar volumes but much lower volume level 1,897.28MT, 1,685.60MT and 1,999.95MT, respectively.

   Spanish collar imports this January were are strong as Canadian imports, at 1,334.64MT.

   Spanish picnic (shoulder 4D) remain strong importing item despite the price increase. 1,326.49MT were imported to South Korea, which is the highest among European origins. However, the US picnic remain strong with 11,424.29MT.

4. Belgium: Among its total exports to South Korea, belly is the most notable item but the import quantity are quite low when compared to neighbor countries with an import quantity of 691.27 MT.

5. Brazil: Brazil is a significant exporter of various pork products, particularly for Belly and Picnic, with respective import quantities of 441.89 MT and 693.78 MT.

Key Insights

• The United States and Spain are primary exporters to Korea, dominating across most pork commodity categories.

• Canada and Chile show a strong export pattern, with significant contributions in various categories, indicating a diversified export profile.

• Countries like Belgium, Brazil, and Germany, despite their smaller total volumes, contribute notably to specific categories, showcasing their strategies to continue their positioning in the market for this 2024.

• The most relevant items that were imported to South Korea this January 2024 were Picnic, Collar and Belly

Comparisons with Other Countries

• Compared to other countries, the US and Spain not only lead in total volumes but also in the diversity of pork cuts exported to Korea.

• Canada and Chile, while much smaller in total volume than the US and Spain, play significant roles in the pork export market with their diversified export picnic (Canada) and bellies (Chile).

• Other countries like Australia, Austria, the Netherlands, Ireland contribute the total imports highlighting the varied nature of the global pork export market to Korea. It helps to reduce and balance the the price pressure in the market for international frozen pork.

Frozen Beef Performance - January 2024

This past January, the total exports to South Korea for Frozen Beef Market were as follows:

• Australia is the largest exporter to Korea with a total of 14,964.13MT, indicating its dominant position in the meat export market to Korea.

• The United States follows closely with 13,694.00MT, showcasing its significant role in the Korean market.

• New Zealand and Canada come next, with 1,445.79 and 1,079.45 metric tons respectively, indicating their substantial yet smaller contributions compared to Australia and the US.

• Other countries like Chile, Denmark, Mexico, and Uruguay have relatively minimal export volumes in comparison.

Top Export Items to South Korea

• Frozen Ribs are the most exported commodity, with a total of 11,247.37MT, constituting 35.46% of the total exports.

  The US (6,604.79 MT) and Australia (2,963.03MT) are the top exporters for this category.

• Plate & Brisket follows as the second most exported item, with 7,465.36MT, making up 23.54% of exports. The US leads this category with 4,556.43MT, followed by Australia with 2,359.81MT.

• Chuck & Blade also see a significant exports, with Australia leading.

Key Insights

• Australia and the United States are the primary exporters to Korea, dominating across most beef item categories.

• New Zealand shows a focused export pattern, with significant contributions in certain items like Spencer roll and Plate & Brisket.

• Canada has a more diversified export profile but with smaller volumes across various items.

Comparisons with Other Countries

• Compared to other countries, Australia and the US not only lead in total volumes but also in the diversity of meat products exported to Korea.

• New Zealand, while smaller in total volume, plays a significant role in specific categories like Spencer roll and Plate & Brisket.

• Countries like Chile, Denmark, and Mexico contribute minor volumes, focusing on niche markets or specific items such as heel muscle or chuck roll.

3-Step Guide to increase the chance to secure Exclusive Distribution Rights for your country

Securing and exclusive distribution agreement requires focused effort and strategic planning.

This is how to streamline the process into a 3 easy steps:

Step 1: Showcase your Market Expertise

Integrate your market research and business plan into a concise presentation that demonstrates your deep understanding of the market and outlines a clear, actionable strategy for success. Highlight your knowledge about consumer trends, competitive landscape, and your detailed plan for market penetration and growth.

This step requires you to compile all your knowledge into a market research report or document and include it into a business plan.

Step 2: Build confidence with Commitments

Address supplier’s concerns by committing to minimum sales volumes or showcase how you commit with the supplier in your marketing investments and industry relationships. Usually, offering a sales guarantee is a way to mitigate supplier’s risk and emphasize your readiness to promote and distribute their product effectively through pre-stablished channels and targeted marketing campaigns.

Step3: Establish Trust through Transparency

Propose a Trial Period to prove the capabilities as an exclusive distributor, maintaining open and direct lines of communication. Getting exclusive rights for a while means you (the local partner) can grow without worrying about someone new coming in and taking advantage of your hard work.

Regular updates, biweekly report of activities on the progress of sales, marketing initiatives. Important to receive market feedback. The ongoing dialogue will build trust.

By following these three steps closely, importers can make a strong argument to suppliers, showing they have what it takes to distribute products on their own and handle the market well.

Did you know…?🔍

The Future of Chicken is Here!.

Did you know the chicken can now be grown in the lab?

This revolutionary breakthrough, known as cell-cultured chicken, is reshaping the future of poultry.

What is it? Originating from a mix of animal cells or fertilized eggs, this meat grows in stainless-steel tanks filled with essential nutrients, maturing into chicken products like cutlets and nuggets in just three weeks!

Why is important? The USDA has given green-light to GOOD Meat and UPSIDE Foods to bring this innovation to our tables, marking a leap towards sustainable eating. Although not yet in supermarkets due to high costs and production challenges, cell-cultured chicken matches traditional chicken in taste and nutrition but with a fraction of the environmental footprint.

But here's the catch: While boasting reduced greenhouse gas emissions and lesser land and water usage, what about energy consumption and long-term health impact? I am sure you are wondering about it too.

This is a niche market that is grows, but it opens a dialogue on how food technology's role in our lives.

The cost? This has been an important focus for companies in this industry, as they are trying hard to achieve the price parity with conventional chicken. Future Meats (Israeli Startup) has progressed reducing the production costs, but still higher than the average price of chicken in the US.
The taste and texture might be on par with traditional chicken, yet it won't become widely used until its production price drops to compete with conventional chicken.

If you wanna know more about how the meat is “cultivated” and how it “tastes” click here for more reading.

One last thing…

If you are aiming to strengthen your business foothold in the APAC Market in this areas:

• Market Expansion and helping with client Acquisition

• New Market Fit with product/specification development

• Sales Growth and Price Optimization with Market Intel

• Sales Training and objection ideation to gain new clients

There are 3 ways that Meat Trading Hub (MTH) can help you:

✅Market Advisory 1:1

✅Collaborative Partnership

✅On-line and off-line Training sessions to elevate export/sales team

Schedule a discovery call and let’s explore opportunities together!

…or Join our WhatsApp Group for more news and insights!