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Korean Food Service Sector Subdued

23 December 2014
Meat & Livestock Australia

SOUTH KOREA - The food service sector in Korea is reportedly expecting a fairly neutral outlook for 2015.

According to a recent survey conducted by the Central Korean Food Service Association, of the 549 restaurants surveyed, only 23.9 per cent of the restaurants believed that sales would increase in 2015, while 34.8 per cent responded that they expected a decrease in sales, and 41.3 per cent believed sales would be around the same as 2014.

Meat and Livestock Australia said that with both imported and domestic wholesale prices very strong and consumer spending reduced, the survey also revealed that 58.8 per cent of respondents believed that sales would decrease for the month of December, with only 9.1 per cent predicting a sales increase, while 32.1 per cent said they expected them to remain unchanged.

When comparing November figures for food service sector sales growth, November 2014 saw a 21.9 per cent overall decrease in sales growth compared to last year.

US short rib prices have steadily risen throughout December, currently at KRW17,000/kg (although were 4 per cent lower compared to last year). US chuck roll has been fairly steady over the past month, at KRW9,600/kg, but are around 10 per cent higher than 2013 levels.

MLA said that Australian chuck roll has lifted over the past few weeks, currently at KRW9,700/kg (up 31 per cent year-on-year), while point end brisket averaged KRW9,400/kg (47 per cent higher than last year).

Domestic beef wholesale prices were relatively firm on year-ago levels, with Hanwoo carcass prices at around KRW14,284/kg on average, while pig carcasses jumped 21 per cent year-on-year, to KRW5,023/kg.

 

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