K agri-food exports ahead of record high… From Hankyung to break $9 billion for the first time ever

Larger image Domestic apples on display at the 2022 Korea Fruit Industry Exhibition held at EXCO in Daegu on the 2nd. Provided by the Ministry of Agriculture, Food and Rural Affairs In November this year, cumulative exports of agricultural products exceeded 8 billion dollars. It is on track to break an all-time high, surpassing last year’s performance (8.56 billion dollars).

The Ministry of Agriculture, Food and Rural Affairs announced on the 4th that cumulative exports of agricultural products from January to November this year reached 8.08 billion dollars, up 4.0% from the same period last year. Despite unfavorable conditions such as the devaluation of the Japanese yen, a competitor, global inflation and contraction in consumption, exports of agricultural products increased again.

The growth of processed food exports was remarkable. Exports of processed food increased 5.3% year on year to $6.679 billion.

Processed rice foods such as instant rice and tteokbokki were popular in the United States and Europe, with sales worth $163.5 million. This is an increase of 10.7% compared to the previous year. Exports of ramen ($696 million) increased 14.5% and coffee preparations ($304.1 million) 6.7% year over year. Korean alcohol also increased 12.1% year over year to $332.3 million.

An official from the Ministry of Agriculture, Food and Rural Affairs said, “Rice-processed food has had a great impact on health and convenience food preference. Ramen continues to be popular overseas thanks to the synergy of the Korean Wave and the efforts of the industry to develop various products.”

Exports of fresh agricultural products fell 1.4% year over year to $1.3988 billion, but exports of pears ($60.6 million) and lemons ($48.9 million) increased 3.8% and 5.3%, respectively. It is interpreted as the result of sluggish exports of strawberries, one of the main export items, and the blockade of the main ports of China, a major export destination.

The Ministry of Agriculture, Food and Rural Affairs plans to set this year’s goal of more than US$9 billion and conduct extensive marketing in 18 export markets including the United States, China and Japan. It has decided to strengthen logistics support for exporters and organize daily special transport flights to Southeast Asia in collaboration with Korean Air and Asiana for domestic strawberries.

The export insurance support limit will also be increased from 80 million won to 100 million won per company. Companies exporting to Japan will be exempt from short-term export insurance until next June.

Correspondent Hwang Jeong-hwan jung@hankyung.com

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