South Korea’s Agricultural and Food Exports Hit Record High in First Eight Months of2024
Seoul, September 3, 2024 – South Korea’s agricultural and food exports reached a record high of $6.48 billion in the first eight months of 2024, according to preliminary data released by the Ministry of Agriculture, Food and Rural Affairs on Tuesday. This represents an 8.7% increase compared tothe same period last year, driven by the growing popularity of Korean food (K-Food) overseas.
The surge in exports can be attributed to the increasing global demand for Korean culinary staples, particularly in the categories of snacks, beverages,instant noodles, and processed rice products. The popularity of spicy instant noodles has propelled the category’s export growth by a remarkable 31.7% year-on-year, reaching $800 million. This figure surpasses lastyear’s target of 1 trillion won (approximately $800 million) two months ahead of schedule.
Snacks and beverages also witnessed significant export growth, with a 15.4% increase in snack exports to $494 million and a 13.6% rise in beverage exports to$449 million. The most substantial export growth was observed in processed rice products, including ready-to-eat meals and frozen gimbap (Korean seaweed rice rolls), which saw a 41.7% increase to $190 million.
However, the export of fresh agricultural products like pears andgrapes faced a decline of 0.6% to $968 million due to reduced production caused by extreme weather conditions.
Looking at market-specific performance, exports to the United States saw a 22.8% increase to $1.023 billion, driven by strong demand for instant noodlesand processed rice products. Exports to China grew by 5.3% to $959 million, while exports to Europe surged by 30.5% to $459 million.
The Ministry of Agriculture, Food and Rural Affairs attributed the record-breaking export performance to the growing global interest inKorean food culture. The popularity of K-dramas and K-pop has played a significant role in introducing Korean cuisine to a wider international audience, fostering a desire to experience the authentic flavors of Korean food.
The government has been actively promoting K-Food exports through various initiatives, including trade fairs, marketing campaigns,and collaborations with international retailers. These efforts have contributed to the increasing global recognition and demand for Korean agricultural and food products.
The continued growth in Korean agricultural and food exports is expected to further boost the domestic economy and strengthen South Korea’s position as a global leader in the food industry. The government remains committed to supportingthe industry’s growth by providing incentives, fostering innovation, and promoting the export of high-quality Korean food products worldwide.
Views: 0