Ramen Export Value Hits Record High for 9 Consecutive Years
China and the US Lead... Loved Across Continents
Recognized as 'One Meal Food' Since COVID-19
South Korea's ramen export value surpassed 1 trillion won for the first time ever, marking the 60th anniversary of its launch this year.
According to trade statistics from the Korea Customs Service on the 20th, ramen exports from January to October this year amounted to $785.25 million. This represents a 24.7% increase compared to the same period last year, setting a record high for the ninth consecutive year since 2015.
Applying an exchange rate of 1,300 won to the US dollar, this equates to approximately 1.0208 trillion won, marking the first time ramen export value has exceeded 1 trillion won. Considering exports in November and December, the annual export value for this year is expected to reach between 1.2 trillion and 1.3 trillion won.
By country, China led with $174.45 million, closely followed by the United States with $107 million. Next were Japan ($48.66 million), the Netherlands ($48.64 million), Malaysia ($39.67 million), and the Philippines ($30.9 million).
Within the top 10, Australia ($30.16 million), Thailand ($30.07 million), the United Kingdom ($29.8 million), and Taiwan ($28.13 million) were also included, showing popularity across continents including Southeast Asia and Europe.
Ramen export volume from January to October this year was 201,363 tons, a 13.9% increase compared to the same period last year. It is expected to surpass last year's total export volume of 215,953 tons in the remaining two months, setting a new record.
Global Popularity Rising Since the COVID-19 Pandemic
The global popularity of Korean ramen became visibly apparent after the COVID-19 pandemic. It was recognized not just as a simple snack but as a meal and emergency food supply. Overseas consumers have been sharing videos on social media platforms showing how they enjoy Korean ramen with various ingredients, fueling the 'K-Food' craze.
Additionally, the popularity of the film Parasite, which won the Best Picture award at the 2020 Academy Awards in the United States, increased attention on Korean ramen. The movie featured 'Jjapaguri,' a mix of Nongshim's Chapagetti and Neoguri, and videos demonstrating how to make it gained popularity on video platforms such as YouTube and TikTok.
Thanks to the overseas market popularity, major domestic ramen companies posted strong performances in the third quarter of this year. Nongshim recorded sales of 855.9 billion won and operating profit of 55.7 billion won in the third quarter, increasing by 5.3% and 104% respectively compared to the same period last year.
Samyang Foods posted third-quarter sales of 335.2 billion won and operating profit of 43.4 billion won, surging 58.5% and 124.9% respectively year-on-year. Additionally, Ottogi recorded third-quarter sales of 908.7 billion won and operating profit of 83 billion won, up 10.6% and 87.8% compared to the same period last year.
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