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Food exports hit fresh high, near gov't's $10 billion target

Published: 04 Dec. 2024, 12:42

Instant noodle products are displayed at a supermarket in Seoul. [YONHAP]

Korea's food exports hit a fresh high through November this year, the agricultural ministry said Wednesday, nearing the government's annual target of $10 billion.

Outbound shipments of agricultural products reached $9.05 billion over the January-November period, up 8.1 percent from a year earlier, according to the Ministry of Agriculture, Food and Rural Affairs.

The country has posted an on-year growth in shipments of agricultural products for 15 consecutive months, the ministry said.

By product, exports of instant noodles jumped 30 percent on year to $1.13 billion in the first 11 months of the year, with those of snacks surging 16.5 percent to $705 million.

Global demand for processed rice products, including frozen gimbap, or seaweed rice rolls, and ready-to-eat steamed rice packs, also rose 39.3 percent over the period to $275 million, driven by growing demand in major markets such the United States and China.

Exports of instant coffee products moved up 2.8 percent, surpassing $300 million for the first time, on rising demand from overseas food manufacturers, as well as general consumers.

By destination, exports to the United States jumped 20 percent on year to $1.4 billion during the 11-month period, while those to China rose 7 percent to $1.38 billion.

"Exports to the United States are especially anticipated to grow during the remainder of 2024 due to the additional release of products at major retailers," the ministry said.

Shipments to Japan, on the other hand, dropped 5.2 percent to $1.27 billion, the data showed.

Yonhap