“Ok-food plus exports,” combining exports of Korean agricultural meals merchandise and agricultural trade, elevated 5.7% from January to October, crusing easily towards attaining the best efficiency ever. Consultant Ok-food objects equivalent to on the spot noodles, kimchi, and grapes drove exports by aligning with abroad Korean Wave consumption traits. The federal government goals to realize this 12 months’s goal of $14 billion by strengthening logistics, customs help, and promotional actions by year-end.
In line with the “October Ok-food Plus Export Efficiency” introduced by the Ministry of Agriculture, Meals and Rural Affairs on Nov. 7, cumulative exports as of October reached $11.24 billion (provisional determine), a 5.7% improve in comparison with the identical interval final 12 months. This represents the best export worth ever recorded.
Amongst these, agricultural meals merchandise (contemporary and processed meals) totaled $8.59 billion, up 5.0%, whereas agricultural trade exports reached $2.64 billion, a rise of seven.8%. By area, the Center East (GCC) emerged as a serious market with a 20.4% improve, adopted by the European Union (together with the UK) at 14.8% and North America at 13.9%.
Wanting particularly on the July-October interval, whereas U.S. exports elevated by solely 0.6%, exports to the Center East (23.5%) and Better China (7.7%) have been notable. Significantly within the Center East, ice cream (80.7%), drinks (80.3%), and sauces (33.9%) noticed surges, whereas in Better China, on the spot noodles (62.9%), different ready merchandise (19.4%), and grapes (122.7%) exports elevated quickly.
By product class, six objects led export development in comparison with the earlier 12 months through the July-October interval: on the spot noodles, different ready merchandise, espresso preparations, kimchi, grapes, and ice cream. On the spot noodle exports throughout this era elevated 21.7% to report $523.7 million. A Ministry of Agriculture, Meals and Rural Affairs official analyzed, “This outcomes from the continued reputation of spicy stir-fried noodles, mixed with advertising linked to Ok-content and enlargement of on-line and offline distribution networks.”
Throughout the identical interval, kimchi exports elevated 6.4%, centered on Japan (4.4%), Canada (17.6%), and Taiwan (11.8%). Evaluation suggests this aligns with well being meals demand because the Korean Wave affect and kimchi’s standing as a fermented meals have risen.
For grapes, value competitiveness improved as a consequence of elevated manufacturing, and Taiwan’s pre-registration system (ID) for grape exports launched final 12 months settled stably, leading to a 192.1% surge in Taiwan exports. Exports to the U.S. (21.1%) and GCC (47.5%) additionally elevated.
Ice cream exports additionally grew 22.1%, with demand for low-fat and plant-based merchandise increasing, centered on the U.S. (13.0%), Canada (43.3%), and Europe (62.3%).
The federal government goals to realize $14 billion in Ok-Meals exports by year-end. Kim Jung-wook, director of agricultural innovation coverage on the Ministry of Agriculture, Meals and Rural Affairs, acknowledged, “The federal government will do its greatest to realize this 12 months’s Ok-food Plus export goal of $14 billion by strengthening help for export corporations via coverage fund help, resolving export difficulties in logistics and customs, retail retailer promotions, and international advertising linked to the Korean Wave till year-end.”
