The US and China Also Love 'Gim'... A Key Export Driver for K-Food

Near $500 Million Last Year, Record High
Food Exports Top When Including Dried Goods
Ramen Single Item Largest, Up 12%
Kimchi $160 Million All-Time High

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[Asia Economy Reporter Seungjin Lee] According to the Korea Customs Service on the 17th, seaweed export revenue last year reached a record high of $499.26 million. This figure represents an approximately 15% increase compared to the previous year, showing the highest growth rate among all food products. When combining the total performance of dried products including seaweed, the amount reached $693 million, making it the largest scale among all food exports.

By country, the top two export destinations, the United States and China, saw export revenues increase by 12-15% compared to the previous year. In the case of Russia, Korea's seaweed import value increased significantly by 30% last year compared to the previous year, rising from the 5th largest seaweed export country in 2020 to 4th place last year.

Exports of ramen and kimchi also increased significantly. Ramen exports rose by 11.8% compared to the previous year, reaching $675 million, which is 3.6 times larger than the $186.73 million recorded 10 years ago in 2011. It is the largest export volume for a single item. Samyang Foods' 'Buldak Bokkeum Myun' (Hot Chicken Flavor Ramen) recorded export performance in over 90 countries overseas, with export revenue from January to September alone reaching about 230 billion KRW, accounting for about one-quarter of the total ramen export revenue.

Kimchi export revenue also hit an all-time high. Last year, kimchi exports increased by 10.7% from the previous year to $159.92 million, which is about a 40% increase compared to 2019 before the COVID-19 pandemic ($104.99 million). The sharp rise in kimchi exports is attributed to the growing perception overseas that Korean kimchi is a health food that boosts immunity following the COVID-19 outbreak. By country, Japan accounted for 50.1% with $80.12 million, more than half of the kimchi export revenue, followed by the United States, Hong Kong, and Taiwan.

Last year, kimchi import value was $140.74 million, down 7.7% from the previous year. This decline was the largest in seven years since 2014 (-11.1%). With exports increasing and imports decreasing, the kimchi trade balance recorded a surplus of $19.17 million last year. This is the first time in 12 years since 2009 that the trade balance has recorded a surplus.