Did South Korea's Exports of Food and Agro Products Reach a Record High?
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Synopsis
Discover how South Korea's exports of agricultural and food items achieved a record high, largely inspired by the global fascination with Korean culture. This remarkable growth reflects the resilience and collaboration between the government and export companies. Get the insights behind these impressive figures and what they mean for the future of Korean exports.
Key Takeaways
- Record high of $6.67 billion in agricultural and food exports
- 24% increase in instant noodle exports
- Strong demand in North America and the EU
- Collaborative efforts between the government and exporters
- Aiming for $14 billion in exports this year
Seoul, July 3 (NationPress) South Korea's exports of agricultural and food products have soared to an unprecedented level in the first half of the year, driven by the increasing global admiration for Korean culture, as reported by the Ministry of Agriculture on Thursday.
The total value of agricultural and food exports reached $6.67 billion from January to June, reflecting a 7.1 percent increase from $6.22 billion during the same period last year, according to the Ministry of Agriculture, Food and Rural Affairs, as cited by Yonhap news agency.
This achievement marks the highest export figure for the first half of the year ever recorded, the ministry further stated.
In terms of specific products, exports of instant noodles, known as ramyeon in Korean, surged by 24 percent year-on-year, amounting to $731.7 million. Additionally, exports of sauce products increased by 18.4 percent to $228.4 million, while ice cream exports jumped by 23.1 percent to $65.5 million.
Chicken meat exports also saw a 7.9 percent expansion, totaling $45.6 million, attributed to the rising demand for frozen chicken and Korean ginseng chicken soup in the United States, according to the ministry.
Furthermore, exports of farm machinery, veterinary pharmaceuticals, agricultural chemicals, and other related products rose 3.1 percent year-on-year to reach $1.5 billion during the same timeframe.
Regionally, exports of Korean food items to North America surged by 24.3 percent to $1.03 billion, while exports to the European Union and Britain grew 23.9 percent to $421.8 million.
Shipments to the Gulf Cooperation Council (GCC) nations, including Saudi Arabia and the United Arab Emirates, increased by 17.8 percent to $182.6 million. Meanwhile, exports to the Commonwealth of Independent States and Mongolia climbed by 9 percent to $243.1 million.
"Despite facing challenges in global trade, such as U.S. tariffs and fluctuations in foreign exchange rates, the ongoing growth of Korea's food and agricultural exports is attributed to the collaborative efforts of export companies and the government," stated Agriculture Minister Song Mi-ryung in a press release.
Song expressed that the government is committed to implementing further measures to enhance exports of Korean food and agricultural products, aiming for an annual export target of $14 billion this year.
Point of View
This growth in South Korea's agricultural and food exports is a testament to the enduring appeal of Korean culture on the global stage. The collaborative efforts between the government and private sector highlight a proactive approach to overcoming trade challenges. As the nation aims for ambitious export targets, it is crucial to maintain this momentum for the welfare of the agricultural sector and the economy.
NationPress
03/07/2025
Frequently Asked Questions
What factors contributed to the increase in South Korea's food exports?
The rise in South Korea's food exports can be attributed to the growing global interest in Korean culture, effective marketing strategies, and the collaboration between the government and export companies.
Which products saw significant export growth?
Notable products include instant noodles (ramyeon), sauces, ice cream, and chicken meat.
What are the main export markets for South Korean food products?
Major export markets include North America, the European Union, and GCC countries.
What is the government's target for food exports this year?
The government aims to achieve $14 billion in annual food exports.
How has global trade affected South Korean exports?
Despite challenges like tariffs and currency fluctuations, South Korean food exports have continued to grow, showcasing resilience in the face of adversity.
