The advent of the New Year has brought good news for Canadian Cattle Producers.
After a lag in the Canadian beef market last year, South Korea is reopening its doors after almost a year-long hiatus.
South Korea closed its import exchange to Canada beef last February after an isolated case of bovine spongiform encephalopathy was reported on small farm outside of Edmonton.
South Korea a Canada's sixth largest market in the 2014 year, accounting for $25.9 million dollars of the annual $1.9 billion dollar beef export revenue.
Canadian Beef also lost market exchange with Peru, Belarus and Taiwan; Peru has since reopened exchange communications with Canada Beef.
David Solverson -president of the Canadian Cattle Market sees this move as nothing but positive for the beef commodity market, claiming South Korea is an integral part of export affairs.
Solverson explained the unique export preferences of the South Korean market fills a gap; the country's demand for cuts underutilized in Canada is what increases the overall value for the animal.
With the implementation of the Canada Free Trade Agreement, the potential for lucrative exchange between Canada and South Korea in the Beef Export Market is an estimated $50 million dollars per year.
Thu, Apr 25, 9:30 AM
