Fresh products $340 million · Processed $1.9 billion... Ramen up 30.1%
Top export market is the US... Accounts for 15.7%
It has been revealed that the export value of agricultural and food products (K-Food) in the first quarter of this year set a record high.
The Ministry of Agriculture, Food and Rural Affairs announced on the 2nd that the provisional export value of K-Food in the first quarter of 2024 (January 1 to March 31) was $2.27 billion, an increase of 3.4% compared to last year.
An official from the Ministry stated, "The export value of agricultural and food products, which has continuously increased for eight years since 2015, continued its upward trend in the first quarter of this year, setting a new record. The top export market for the first quarter is the United States ($352 million), accounting for the highest share (15.7%) among individual countries and showing a steep growth rate (14.2%)."
The ASEAN market ($464 million), where the popularity of Hallyu and awareness of K-Food are relatively high, is also on the rise. The European region ($166 million) recorded the highest growth rate (27.4%) among major markets, leading overall export growth. In the US and European markets, demand increased centered on health foods such as vegan and gluten-free products, along with the recovery of consumer sentiment.
By product category, processed foods such as ramen increased by 30.1%, and rice-processed foods (including gimbap) and fresh foods such as grapes and kimchi showed high growth rates.
Rapper Cardi B posted a video on TikTok trying Samyang Foods' Carbo Buldak Bokkeummyeon. [Photo by TikTok]
Ramen exports have increased evenly worldwide, including in the United States. In particular, exports to the European market, where import restrictions on Korean ramen were lifted in 2023, showed a high growth rate (+34.8%). The Ministry of Agriculture, Food and Rural Affairs analyzes that this is due to increased overseas consumer demand as ramen is featured in Hallyu content such as K-dramas.
Following ramen, snacks and beverages, which have large export volumes, are also showing growth. Beverage exports increased in most markets, with new products such as children's drinks entering alongside existing main products like aloe and health drinks. This is interpreted as a result of increased contracts with local major distributors. Snack exports increased mainly in the US and Europe, where local retail store entries have expanded.
Kwon Jae-han, Director of Agricultural Innovation Policy at the Ministry of Agriculture, Food and Rural Affairs, said, "Our agricultural and food products are recognized overseas for their excellent quality and taste along with the spread of K-content. We will provide multifaceted support such as domestic and international logistics infrastructure support, matching export and import companies, and pioneering new markets to maintain trust as excellent agricultural and food products in the international community."
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