Agricultural Food Exports Surpass $8 Billion from January to November... Full Effort for Annual Record High

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Kim Hyewon] The cumulative export value of agricultural and food products from January to November this year recorded an all-time high compared to the same period last year.

The Ministry of Agriculture, Food and Rural Affairs announced on the 4th that during this period, the export value of agricultural and food products reached $8.08 billion, a 4.0% increase compared to the same period last year.

Ramen exports increased by 14.5% to $696 million, and processed coffee products rose by 6.7% to $304.1 million.

Korean pears exported about $60 million worth by increasing dedicated shipping space to the largest market, the United States, timed for the high-demand Chuseok season, and promoting them in Southeast Asia and other regions. Exports of rice processed foods such as instant rice and tteokbokki also increased by 10.7% to $163.5 million.

The Ministry of Agriculture, Food and Rural Affairs plans to make every effort to set a new annual export record. The previous highest record was $8.56 billion last year.

The ministry has set an annual target of over $9 billion this year and plans to conduct large-scale marketing campaigns at the end of the year and early next year in 18 major export countries including the United States, China, Japan, and ASEAN.

Logistics support for exporting companies has been strengthened, and Korean strawberries are transported daily to Southeast Asia in cooperation with Korean Air (5 routes) and Asiana Airlines (3 routes).

The export insurance support limit has been increased from 80 million won to 100 million won per company, and the short-term export insurance self-payment for companies exporting to Japan will be exempted until June next year.

Yang Jupil, Director of Food Industry Policy at the Ministry of Agriculture, Food and Rural Affairs, said, "Despite difficult conditions, our agricultural and food products continue to see steady popularity and export growth," adding, "We will focus all our efforts on expanding exports at the end of the year to achieve high export performance again this year."