Korea’s agricultural exports hit fresh high in 2024

Frozen gimbap merchandise are displayed at an exhibition held in Seoul, Nov. 20, 2024. Yonhap

Korea’s exports of agricultural items and associated merchandise grew 6.1 p.c from a yr earlier than to a file excessive in 2024 amid rising abroad demand for fast noodles and processed rice objects, the agriculture ministry stated Tuesday.

Outbound shipments from the so-called Okay-Meals Plus sector reached $13 billion final yr, in contrast with $12.28 billion recorded in 2023, in accordance with the Ministry of Agriculture, Meals and Rural Affairs.

Okay-Meals Plus encompasses a various vary of meals merchandise and associated objects from contemporary and processed items to agricultural tools and options.

Exports of foodstuffs rose 9 p.c on-year to $9.98 billion in 2024, sustaining development for 9 consecutive years, the information confirmed.

By product, exports of instantaneous noodles surged 31 p.c on-year to $1.24 billion and shipments of snacks jumped 17.4 p.c to $770.4 million.

The ministry attributed the sharp development in exports of instantaneous noodles to their publicity in Korean films and dramas launched abroad.

Outbound shipments of processed rice merchandise jumped 38.4 p.c to $299.2 million, and exports of kimchi, a standard Korean facet dish usually made with fermented cabbage, elevated 5.2 p.c to $163.6 million.

The ministry famous that Korean rice merchandise have gained vital reputation in main markets, together with the USA, as they’re acknowledged as gluten-free, wholesome and handy meal choices.

By vacation spot, agricultural exports to the U.S. rose 21.1 p.c to $1.59 billion, pushed by the entry of Korean meals merchandise into main retailers, together with Costco.

Shipments to China gained 7.9 p.c on-year to $1.51 billion, partly helped by elevated gross sales on China’s on-line platforms.

Exports to Japan, alternatively, dipped 4.3 p.c to $1.37 billion on weak shopper sentiment there.

Exports of non-food agricultural merchandise slipped 2.4 p.c to $3.05 billion, as losses in equipment shipments greater than offset positive factors in shipments of pet meals, animal pharmaceutical merchandise and pesticides.

Abroad gross sales of pesticides spiked 61.7 p.c to $806.9 million on robust demand from Latin American and Southeast Asian nations, in accordance with the information. Exports of pet meals merchandise added 7.4 p.c on-year to $160.9 million.

Exports of sensible farm options, alternatively, shed 18.8 p.c to $240.8 million.

„Whereas uncertainties within the commerce setting linger this yr, the nation will keep momentum by leveraging the worldwide reputation of Korean leisure content material and foodstuffs, together with the rising measurement of the marketplace for agricultural equipment,“ the ministry stated.

„The federal government will proceed to reinforce communication with companies to deal with challenges in exports and supply extra help, together with help for conventions, advertising and marketing actions and efforts to deal with non-tariff limitations,“ it added. (Yonhap)