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KayDee Gilkey Costco Expansion Provides Additional Momentum for US Beef in South Korea
by KayDee Gilkey, click here for bio

Program: Land & Livestock Report
Date: February 23, 2017

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U.S. beef is rapidly building momentum in South Korea, and now receives a further boost as Costco has officially begun converting its imported chilled beef selection from Australian beef to 100 percent U.S. product. Costco’s move represents an opportunity for about 15,000 metric tons of incremental new beef business in 2017. Last year U.S. beef exports to Korea totaled nearly 180,000 metric tons, valued at more than $1 billion.

US Meat Export Federation Senior Vice President for the Asia Pacific region Joel Haggard shares more details

Haggard: “Many remember the extreme challenges that U.S. beef faced following its re-entry into Korea just short of 10 years ago when 100,000s of Koreans took to the streets to protest against U.S. beef imports. Over the last 10 years, account by account the U.S.has clawed its way back helped by significant U.s. beef industry investment and a succession of campaigns that have helped restore consumer confidence. Another major milestone was reached when icon beef importer Costco initiated a changeover of its beef cases in its dozen plus stores from Australian to U.S. chill beef. The displacement of Australian beef product will likely translate into over 30 million pounds of new U.S. beef business this year. More importantly will signal to remaining hangouts that Korean consumers are over their once-deep seated fear of U.S. beef.”

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