The Largest Importer of U.S. Beef is Korea... Approaching 170,000 Tons This Year

[Image source=Reuters Yonhap News]

[Asia Economy International Desk Reporter] South Korea has maintained its position as the largest importer of U.S. beef this year, following last year.

According to the U.S. Department of Agriculture and the U.S. Meat Export Federation (USMEF) on the 10th (local time), South Korea's imports of U.S. beef from the beginning of this year through July totaled 167,874 tons, amounting to 1.60933 billion dollars, ranking first in the world in both volume and value. This represents a 4% increase in volume and a 33% increase in value compared to the same period last year (162,086 tons, 1.26656 billion dollars).

The significant rise in import value compared to volume is attributed to the sharp increase in beef prices due to the prolonged impact of COVID-19. Following South Korea, the countries with the largest imports of U.S. beef this year were Japan (152,658 tons), China and Hong Kong (139,409 tons), Canada (55,918 tons), and Mexico (48,530 tons).

In terms of value, after South Korea, the order was China and Hong Kong (1.39494 billion dollars), Japan (1.14520 billion dollars), Taiwan (495.13 million dollars), and Canada (483.96 million dollars), with China and Hong Kong surpassing Japan. Notably, imports of U.S. beef by China and Hong Kong increased by 18% in volume and 39% in value compared to the same period last year, and mainland China excluding Hong Kong saw a sharp rise of 35% in volume and 61% in value during the same period.

This content was produced with the assistance of AI translation services.