Korea not kidding

The Detail

On a export value basis Australia is the dominant supplier of goat meat to the world, despite only accounting for less than 1% of global goat production. During 2021 and 2022 South Korea has been increasing their demand for Australian goat meat exports, but the USA still dominate the lion’s share of Aussie goat meat exports, accounting for 68.8% of the trade so far into 2022, up from 66.1% in 2021.

Market share of Australian goat meat exports for South Korea moved into double figures in 2021 and captured the second top destination for exports at 11.2% of the trade.  South Korean market share sits at 10.4%, retaining the second place position ahead of Canada (7.2%) and Taiwan (6.5%).

After a below average start to the first quarter of 2022 monthly total Australian goat export volumes have mirrored the five-year average seasonal trend since April 2022. During May 2022 total goat export volumes registered 1,701 tonnes swt exported, just 4% under the seasonal trend for May, according to the five-year average pattern.

Since the start of 2022 average monthly Australian goat export volumes to the USA have been running nearly 18% under the five year trend, with much of the shortfall in demand seen in the first quarter of the season. April 2022 crept marginally above the average trend, but a 26% decline in the trade over May to just 915 tonnes swt of goat meat exported to the USA saw volumes back under the average trend by 15%.

Strong demand for Aussie goat meat in South Korea in 2021 saw average monthly volumes run nearly 40% above the five-year average seasonal trend.  For the first five months of 2022 demand for Aussie goat meat from South Korea has remained strong, averaging levels 24% ahead of the average seasonal pattern. May 2022 saw the highest monthly flows of Australian goat meat exports to South Korea since November 2021 with 253 tonnes swt reported consigned, which represents levels that are nearly 30% above the average trend for May.