According to a report by Meat & Livestock Australia (MLA) Australia’s beef exports to Korea grew by 4% in 2024 (January to September) compared to the same period in 2023, with chilled grass-fed beef seeing a notable 22% year-on-year increase, predominantly through retail channels. From July to September 2024, Australian beef exports to Korea rose by 6% year-on-year.

In 2024, the Korea beef safeguard volume was triggered earlier than in previous years. Although higher tariffs applied to Australian beef exports for the remainder of 2024, the long-term outlook remains positive. Korea is gradually eliminating its 40% tariff on beef, with full removal set for 1 January 2028. The safeguard volume increases annually, and by 2029 the mechanism will be fully phased out, allowing Australian beef exports to enter Korea without tariff restrictions.

New Korean Public Holiday

The Chuseok public holiday from 14–18 September 2024 significantly boosted Australian beef sales, particularly in retail. The Korean Government also introduced a temporary public holiday on 1 October to stimulate domestic consumption, alongside public holidays on 3 and 9 October. These October holidays further supported beef sales, especially in the foodservice sector.

Celebrity Chef makes Impact

Australian beef’s strong reputation in Korea’s high-end foodservice market, and indirectly in retail, received additional momentum in the latter half of 2024. This was driven by Korean celebrity chef Namno Yoon, one of MLA’s Aussie Beef Mate chefs, who operates two renowned Japanese-French restaurants in Seoul. Namno gained widespread recognition after his success on the Netflix series ‘Culinary Class Wars’, where he finished as one of the top four finalists. His social media presence grew nearly tenfold after a mention by BTS star J-Hope.

On 23 October, a range of Namno’s marinated Australian chilled beef products launched in a major supermarket chain with over 500 stores, with additional products in development.

Opportunities for Australian Beef Exporters

The Korean market’s expansion and the gradual reduction of tariffs offer significant growth opportunities for Australian beef exporters. The upcoming Seoul Food & Hotel event, scheduled for 10–13 June 2025, presents a valuable platform for businesses to enter or expand in the Korean market, connect with buyers, and showcase their products. Contact us for more information about participating.