K-Ramen Exports Surpass $1 Billion in October Cumulative
Up 30% Year-on-Year
Last Year's Top Export, Cigarettes, Likely to Be Surpassed by Ramen
Latin American Market Grows 70.9% Year-on-Year
As Korean ramen gains worldwide popularity, its export value has surpassed $1.0208 billion.
According to the Ministry of Agriculture, Food and Rural Affairs on the 8th, the total ramen export value until October this year reached $1.0208 billion, ranking first in the agricultural and food sector. In October alone, exports amounted to $120 million, a 30% increase compared to the same period last year. The ministry reported that the largest importers of ramen are China and the United States, with growth continuing in Europe as well. In the emerging markets of Latin America, exports increased by 70.9% compared to the previous year.
The second largest export category in the agricultural and food sector is 'tobacco products,' with a total export value of $918.3 million. Last year, tobacco product exports ($1.082 billion) exceeded ramen ($952.4 million) by more than $50 million, but this year the trend is expected to reverse.
Exports of confectionery products until October reached $638.7 million. This figure is close to the $656.3 million recorded at the end of last year, ranking third in the agricultural and food export sector. Notably, rice-processed foods such as Tteokbokki, which were not previously listed in export rankings, have shown remarkable growth. Exports increased by 41.9% compared to the previous year, reaching $248.7 million by October this year, placing them seventh in the rankings.
K-food export values are reaching record highs. According to the Ministry of Agriculture, Food and Rural Affairs, as of the end of October, the cumulative agricultural and food export value this year (provisional) was $8.19 billion, an 8.7% increase compared to $7.53 billion in the same period last year. This is the highest figure recorded at the end of October in history, showing growth compared to the same period for 14 consecutive months.
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