Exports of Korean Agri-food Products Have Increased for 12 Consecutive Months

Sejong, 5 September 2024 — On 3 September, the Ministry of Agriculture, Food and Rural Affairs (MAFRA) announced that the cumulative value of exports of Korean agri-food products at the end of August in 2024 reached USD 6.48 billion (tentative figures), up by 8.7% from a year earlier. This figure is a record high as of August 2024, with 12 consecutive months of export growth. 

* Agri-food products means processed and non-processed food products, excluding aquatic food products.

• USD 5.9566 billion in August 2023 → USD 6.4763 billion in August 2024 (up by 8.7%)

• Up by 0.2% in September 2023 → Up by 3.0% in December 2023 → Up by 3.6% in March 2024 → Up by 6.7% in June 2024 → Up by 8.7% in August 2024

The most exported items—instant noodles (ramyeon), biscuits and confectionery, beverages, and processed rice-based products—showed a record high in exports. Exports of instant noodles reached USD 800 million at the end of August, up by 31.7% from a year earlier. Exports of biscuits, confectionery, and beverages increased more than 10% from a year earlier. Notably, processed rice-based products, such as pre-cooked rice products and pre-cooked frozen kimbap (Korean seaweed rice rolls), showed a 41.7% increase in exports from a year earlier. 

• Instant noodles: USD 800 million (up by 31.7% from a year earlier)

• Tobacco products: USD 729 million (up by 7% from a year earlier)

• Biscuits and confectionery: USD 494 million (up by 15.4% from a year earlier)

• Beverages: USD 449 million (up by 13.6% from a year earlier)

• Processed coffee-based products and coffee additives: USD 222 million (up by 3.4% from a year earlier)

• Processed rice-based products: USD 190 million (up by 41.7% from a year earlier)

Exports of non-processed agricultural products such as pears and grapes went down by 0.6% from a year earlier but the declining trend is slowing down. Extreme weather events resulted in a decrease in the production of those agricultural products, thus reducing their supplies to the domestic market. This, in turn, led to a fall in the exports in the first half of this year. However, as large quantities of non-processed agricultural products are expected to be harvested in the second half of this year, the export volumes at year end are forecast to rise to the level of last year.

• Korean ginseng-based products: USD 200 million (up by 4.1% from a year earlier)

• Kimchi: USD 110 million (up by 3.3% from a year earlier)

• Grapes: USD 19 million (up by 28.5% from a year earlier)

Exports of agri-food products increased in most of major markets. Notably, exports to the U.S. reached more than USD 1 billion, up by 22.8% from a year earlier. As instant noodles and processed rice-based products gained high popularity with the help of a social networking service, they recorded the highest growth in export volumes. The MAFRA is stepping up its efforts to help expand the entry of Korean agri-food products into large-scale retail stores in cities (e.g. Houston, Austin, etc.) in the southern region of the U.S., where Korean agri-food products have not occupied much space for sale.

• Exports to the U.S.: USD 1.023 billion, up by 22.8% from a year earlier

• Exports to China: USD 959 million, up by 5.3% from a year earlier

• Exports to Japan: USD 900 million, down by 7.4% from a year earlier

• Exports to the ASEAN region: USD 1.256 billion, up by 5.9% from a year earlier

• Exports to Europe: USD 459 million, up by 30.5%

• Biscuits and confectionery: USD 181 million, up by 38.0% from a year earlier

• Instant noodles (ramyeon): USD 138 million, up by 61.5% from a year earlier

• Processed rice-based products: USD 110 million, up by 59.2% from a year earlier

Meanwhile, the MAFRA has been working to develop a model for shared growth and collaboration between large enterprises and small and medium-sized enterprises (SMEs). As the first case of the collaboration model, starting from August this year, GS Retail, a large retailing company in South Korea, and Bontemps, a twisted doughnuts maker, have been selling Korean-style doughnuts tailored to the taste of local people in seven convenience stores of GS25 in Mongolia and Vietnam. Also, in China, there will be a marketing campaign for promoting a cocktail made with makgeolli and soda (Korean drinking culture known as Mak-sa), another collaboration model between large companies and SMEs.