Korea's agro-food exports reach $8.3 bn milestone in just 11months
Jung-hwan Hwang
Dec 15, 2023 (Gmt+09:00)
South Korea's agricultural and food exports hit a record high in 2023, fueled by strong demand for instant noodles, strawberries, and other staples.
The Ministry of Agriculture, Food and Rural Affairs (MAFRA) announced on Friday that exports in the first 11 months of 2023 climbed 2.4% year-on-year to 10.7 trillion won ($8.27 billion). This marks the highest figure ever recorded for the sector.
Instant noodles led the pack, with exports surging 25.9% to $876.1 million. Other notable gainers included strawberries (up 22.2% to $56.1 million), rice-processed foods (up 20.7% to $197.5 million), beverages (up 11.1% to $534 million), and kimchi (up 9.9% to $142.4 million).
China and the US remained the top destinations for South Korean agricultural and food exports. Shipments to China rose 11.1% to $12.88 billion, while exports to the US grew 8.5% to $12.25 billion.
MAFRA also plans to begin incorporating sales in duty-free shops into its export figures.
This is due to the strong rebound of the duty-free market following the easing of COVID-19 travel restrictions.
In the first 11 months of 2023, agricultural and food product sales in duty-free shops reached $120 million, double the level of the same period last year.
Ginseng was a particularly hot seller in duty-free shops, with sales skyrocketing 74.6% to $64 million.
If duty-free shop sales are included, agricultural and food exports in the first 11 months of 2023 would have increased by 3.2% to $8.39 billion.