Political unrest in South Korean doesn’t seem to phase consumers who continue to purchase U.S. red meat.
The South Korean President Yoon Suk Yeol was arrested and indicted after briefly imposing martial law in December. Yoon also faces an impeachment trial that will determine if he is formally removed from office.
U.S. Meat Export Federation (USMEF) Vice President of Asia Pacific Jihae Yang, a lifelong resident of Seoul, explains that while the political turmoil has further weakened Korea’s currency, consumers are largely unfazed by the situation, and it has not impacted demand for U.S. red meat.
“Ordinary people’s daily life are not affected at the moment, and the people are living their own life,” Yang says. “The political issues has been there for many, many years.”
South Korea is the leading value market for U.S. beef exports, with shipments through November of last year totaling just over $2 billion, up 5% from the previous year. U.S. pork exports to Korea climbed 21% over the same period to $669 million, although exports slowed to some degree in the fourth quarter of the year.
While the weakened won is pinching the profit margin of importers, consumers do not show signs of backing off from U.S. red meat purchases.
Your next read: How a Missouri Rancher and Military Veteran Is Bridging Gaps for Vets and Ag Producers
