Korean retailers will sell US beef
25/11/2008
South Korea’s three major discount retailers, E-Mart, Home Plus and Lotte Mart, will resume sales of US beef on November 27.
The retail chains issued a joint press release announcing the decision and explaining that it is due in part to the slow economy and daily financial difficulties facing Koreans. The companies stated that sales of US beef will provide value and convenience, as well as help stabilise consumer prices. They added that there is no longer any reason for them not to carry “price-competitive” US beef.
The US Meat Export Federation (USMEF) said it would provide promotional support to all the chains. It added that initial sales at these three major retailers would prompt sales at other retail outlets.
“USMEF has been actively urging all of the big chains to resume US beef sales since mid-summer,” said USMEF president and chief executive, Philip Seng. “We are very pleased that E-Mart, Home Plus and Lotte Mart have made the decision to re-enter the market.”
Once the third-largest market for US beef, Korea imported about $816 million in beef and beef variety meats in 2003, the last year the market was fully open. At the time, this represented about 21% of the worldwide value of all US beef exports. But exports have faced a series of restrictions since then and, earlier this year, a government decision to re-open the Korean market to the US meat sparked serious unrest.
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