Invest KOREA

According to Yonhap News,

South Korea's exports of agricultural products rose 6.2 percent on-year in the first four months of 2024 to set a fresh high, driven by growing demand for processed foodstuffs, including instant noodles, data showed Thursday.

The combined exports of agricultural goods came to US$3.12 billion over the January-April period, compared with $2.87 billion tallied a year earlier, according to the Ministry of Agriculture, Food and Rural Affairs.

By product, exports of instant noodle products shot up 34.4 percent to $379 million amid the global popularity of "hallyu" content, including K-dramas.

Other major gainers included snack products and beverages, which gained 9.9 percent and 15.9 percent, respectively, to $227 million and $212 million.

Exports of processed rice products surged 42.1 percent to $88 million, buoyed by robust demand for frozen gimbap, or seaweed rice rolls filled with vegetables.

By destination, exports to the United States moved up 15 percent to $478.7 million over the period. Outbound shipments to Southeast Asia and Europe also advanced 5 percent and 33.1 percent, respectively, the data showed.

Exports to China, on the other hand, edged down 1.8 percent to $439.9 million. The ministry attributed the decline to an overall consumption slump in Asia's No. 1 market.


colin@yna.co.kr

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Source: Yonhap News (May 2, 2024)