South Korea's Dried Seaweed Exports Reach Record Levels in Q1
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Synopsis
South Korea's dried seaweed exports, known as 'gim,' have hit a record high in Q1 2024, driven by increased global demand, particularly in the U.S. and China. The total export value reached $281 million, a 21.1% rise from the previous year. The country anticipates exceeding $1 billion in exports this year.
Key Takeaways
- Korean dried seaweed exports achieved an all-time high.
- Exports rose to $281 million in Q1 2024.
- Demand surged in the U.S. and China.
- Exports of gim expected to exceed $1 billion this year.
- Seafood exports overall grew by 1.2%.
Seoul, April 21 (NationPress) South Korea's exports of dried seaweed products, referred to as gim in Korean, have achieved a historic peak in the first quarter, propelled by increasing global demand for this food item, according to data released on Monday.
Outbound shipments of gim totaled $281 million during the initial three months of the year, marking a significant rise of 21.1 percent compared to the same period last year, as reported by the Korea Agro-Fisheries & Food Trade Corp. This figure represents the highest recorded for any first quarter.
The volume of gim exports experienced a 7.5 percent increase year-on-year, reaching 10,161 tons in the January to March timeframe, as stated by Yonhap news agency.
An official from the oceans ministry indicated, "We anticipate exporting over $1 billion worth of gim products this year, as both the volume and value of outbound shipments continue to climb." The government's previous target was to achieve the $1 billion mark by 2027. Last year, South Korea exported $997 million worth of gim products.
The oceans ministry attributed the robust export figures to the rising popularity of Korean gim products in the United States and China, which are the two largest markets globally.
Gim exports to the U.S. increased by 21.6 percent year-on-year, reaching $57.9 million in the first quarter, fueled by strong demand for seasoned gim products.
Exports to China saw a dramatic rise of 86.5 percent, totaling $51.1 million during the same period, as the Korean dish gimbap, made with cooked rice and various fillings wrapped in dried seaweed, gained traction in the country.
In 2024, South Korea's seafood exports rose by 1.2 percent from the previous year, thanks to the increasing demand for dried seaweed products.
Last year, outbound shipments of seafood products reached $3.03 billion, up from $2.99 billion in 2023.
The growth was predominantly led by dried seaweed exports, which soared 25.8 percent year-on-year, achieving a record high of $997 million.
Moreover, tuna product exports grew by 4.7 percent during the same timeframe, reaching $589 million.
By destination, exports to Japan increased by 3.4 percent to $659 million, while shipments to the United States rose by 11.7 percent to $479 million. Exports to Europe advanced by 16.4 percent to $227 million, according to the data.
