Korea to boost food exports to $15 billion by 2027

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Korea to boost food exports to $15 billion by 2027

Published: 28 Jun. 2023, 09:53 Updated: 28 Jun. 2023, 10:05

A food exhibition for foreign buyers is held in southern Seoul on April 19. [YONHAP]

Korea plans to expand overseas sales of food to $15 billion by 2027, the government said Wednesday, in line with its efforts to diversify its export portfolio and beef up the global competitiveness of the agricultural industry.

The amount marks a sharp rise from the $8.82 billion tallied in 2022, according to the Ministry of Economy and Finance.

The export target was part of the government blueprint for fostering the country's food industry that will run from this year to 2027 and is aimed at reflecting the changing environment in the industry following the Covid-19 pandemic.

"The consumption patterns in the food industry have been diversifying amid the increase in the number of single-member households and the aging population," the government said. "Thus, the market for ready-to-eat meals, and medical or functional food is anticipated to expand."

The government noted that considering the falling population in the domestic market, companies need to find new business opportunities in overseas markets.

In line with such efforts, Korea aims to increase the number of products with an export volume of $100 million or above to 20 by 2027, compared with 11 in 2022.

Korea also plans to harness the latest technologies to beef up the competitiveness of small and medium-sized food makers, launching the so-called food-tech cluster, where the government will provide research infrastructure.

With such efforts, the size of the country's food industry will reach 1,100 trillion won ($846 billion) in 2027, rising 9 percent on year on average from the 656 trillion won posted in 2021.

Yonhap