Domestic Sesame Oil Exports Surge 70% This Year... "Thanks to the Popularity of Home Meals and Hansik"

Sesame Oil/Photo by Getty Images Bank

[Asia Economy Reporter Kim Bo-kyung] Due to the spread of the novel coronavirus infection (COVID-19), home cooking has increased worldwide, and combined with the growing international popularity of Korean cuisine, exports of domestically produced sesame oil have surged by more than 70% compared to last year.

According to the Food Industry Statistical Information of the Korea Agro-Fisheries & Food Trade Corporation (aT) on the 29th, the cumulative export value of sesame oil from January to October this year reached $7.006 million (approximately 7.74 billion KRW), marking a 70.5% increase compared to the same period last year.

In terms of export volume, it rose 76.0% from 469 tons to 825 tons during the same period.

Annual sesame oil export values have steadily increased from $3.709 million in 2016 to $4.12 million in 2017, $4.715 million in 2018, and $5.359 million in 2019. This year, the cumulative export value up to October already far exceeds last year’s total annual export value, reaching $7.006 million.

The country that imported the most sesame oil by export value up to October was the United States, accounting for 38.1% of the total. Exports to the U.S. amounted to $2.669 million, a 122.4% increase compared to the same period last year.

aT analyzed, "Along with the popularity of the Korean Wave (Hallyu) in the U.S. and the growing emphasis on health, demand for Korean agricultural products and Korean cuisine has increased. The diversification of product offerings, including sesame oil, at local Korean supermarkets also had an impact."

Following the U.S., Australia, which accounts for 8.4% of sesame oil exports, saw a 41.3% increase in export value to $592,000 from January to October, driven by growing interest in Asian sauces.

Taiwan, ranked third among export countries with a 4.9% share, showed the largest growth among major export destinations, with export value jumping 2.6 times from $131,000 to $343,000 during the same period.

aT expects, "Due to the increase in people cooking at home because of COVID-19, sesame oil exports are likely to continue showing strong performance for the time being."