Samyang blazes way to record overseas revenue thanks to Buldak

Samyang Foods' Buldak products [SAMYANG FOODS]

The overseas revenue of Samyang Foods surpassed 800 billion won ($603 million) for the first time last year, driven by the popularity of its fiery Buldak Ramen.

The Korean ramyeon manufacturer's overseas sales increased by 34 percent on year to reach 809.3 billion won, marking the fifth consecutive year with a record-breaking performance in overseas revenue for the company.

The sales abroad contributed to 68 percent of Samyang's total revenue of 1.2 trillion won, continuing a steady upward trend since surpassing the 50 percent mark in 2019 and reaching 60 percent in 2021.

"Thanks to the synergy between our overseas subsidiaries and the export-focused Miryang factory, export volume saw a significant increase, leading the company to achieve strong results," it said Thursday.

The North American market emerged as a key driver of growth, with Samyang America achieving a 154 percent increase in revenue to $122 million. Expansion into major retailers such as Walmart and Costco played a significant role in this success, it said.

In China, the company's largest export market, sales through Samyang Foods Shanghai surged by 76 percent to 1.2 billion yuan ($166.7 million).

The company said it also saw a diversification in both export markets and product categories.

The share of sales in the Americas and EMEA (Europe, Middle East, and Africa) markets each expanded to 20 percent, reducing the company's reliance on Asia.

Its sauce products logged 35 percent growth in exports, with the popular Buldak sauce now sold in over 40 countries worldwide.

Meanwhile, Korea's monthly ramyeon exports hit a record high in February, increasing by 31.5 percent on year and reaching $93 million, according to the Korea Customs Office Thursday.

BY SEO JI-EUN [seo.jieun1@joongang.co.kr]