Gim exports surpass 1 trillion won as Korea tops global market

Industry

Published: 21 Dec. 2023, 18:33

Gim exports surpass 1 trillion won as Korea tops global market

A variety of gim, or dried seaweed, products are displayed at a supermarket in Seoul. Korea's exports for gim surpassed the 1 trillion won ($770 million) mark for the first time.[YONHAP]

Korea's exports for gim, or dried seaweed, surpassed the 1 trillion won ($770 million) mark for the first time following the rising demand from emerging markets.

The figure marked an 18.8 percent growth from the $648 million tallied a year earlier, according to data compiled by the Ministry of Oceans and Fisheries and released Thursday.

The number of export destinations came to 124, marking a sharp rise from the 64 tallied in 2010, the ministry said.

The top importers of Korean gim were the United States, Japan, China, Thailand and Russia, in that order. But demand from countries in the Middle East and South America hugely contributed to the boost in sales. Gim exports have now increased by an average of 8 percent over the last 10 years.

The global market size for dried seaweed products is estimated at $918 million as of last year, with Korea holding the leading position, occupying 70.6 percent of the market.

Exports to the United States shot up 13 percent on-year to $156 million as of November, the latest figure available, followed by Japan with $134 million and China with $93 million.

Shipments to Thailand also surged 53.6 percent over the period to $62 million, the data showed.

"We plan to bolster support to the seaweed industry to achieve exports of $1 billion by 2027," Oceans Minister Cho Seung-hwan said.

The combined size of seaweed farms in Korea came to 635 square kilometers (152 square miles) as of 2022, rising sharply from the 571.5 square kilometers tallied in 2016.

Dried seaweed, usually roasted with sesame oil and fine salt, is a common side dish in Korean dining. It is low in carbs and high in fiber and protein.

Also enjoyed as a stand-alone snack outside of Korea, foods using gim also saw a boost in popularity overseas. Trader Joe’s frozen gimbap, or rice roll wrapped in seaweed, gained huge popularity in the United States, and became a sellout sensation since its launch in August.

BY KIM JU-YEON, YONHAP [kim.juyeon2@joongang.co.kr]