South Korea: Livestock and Products Annual
Domestic beef production fell in 2014 while imported beef increased to make up the shortfall. Higher prices for US beef were somewhat offset by preferential duty under the KORUS FTA, but overall beef consumption will not rise rapidly due to a number of domestic factors including a sluggish economy, decreased dining out, and diminished price gap between US and domestic beef price. However, imported beef is expected to increase in 2015 as domestic production continues to fall.
