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 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. "Because, you know, the political issues has been there for many, many years, and then the plutocracy between the current ruling party and the opposition party has been started since President Yoon took office, and it only intensified since the new administration was in charge."

Yang explains that 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 won 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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"Importers' profitability is impacted a lot already because of the high exchange rate and the tight beef supply from the U.S. But I don't think that it will affect the consumption in general. And it is proven that the year-end sales at the retail in Korea was very good, because people stay at home and enjoy their meal and have a party with their families and their friends," Yang says. "So retail sales were really good, but food service sales is impacted. For the short term, we are approaching the Lunar New Year's holiday, and it will last at least seven to nine days next week. I think the meat consumption - meat is the last item that the consumers will reduce when the economy is really bad. But Korea is not at that stage to reduce the meat consumption because of this political impact or the concern on the economy."

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.