Inflation in South Korea supported Australian beef exports in August

In August 2022, Australian beef exports reached 92,080 tonnes, up 19% year-on-year (y-o-y) and the highest monthly total since June 2020. Beef exports from Australia rose to its major markets, particularly South Korea (+43% y-o-y) and China (+37% y-o-y), each accounting for 20% of Australian beef exports. The rise in Australian beef exports was largely driven by the suspension of import tariffs by South Korea. In mid-July 2022, the South Korean government announced that tariffs would be suspended for 100,000 tonnes of imported beef from the 20th of July until the end of 2022. The suspension of import tariffs was introduced to combat the rising inflation in the country.

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