Embattled South Korean President Yoon Suk Yeol has been 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, said 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.
Yang said this week marks the Lunar New Year, a holiday celebration that typically drives both retail and foodservice sales of red meat. The South Korean government is extending the holiday to boost consumer spending. And while the weakened Korean currency is pinching the profit margin of importers, consumers do not show signs of backing off from U.S. red meat purchases.
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