Cumulative Exports of Korean Agri-food Products Reached Record High of USD 8.2 Billion from January through October

Sejong, 5 November 2024 — The Ministry of Agriculture, Food and Rural Affairs (MAFRA) announced that the yearly cumulative value of exports of Korean agri-food products at the end of October in 2024 reached USD 8.19 billion (tentative figures), up by 8.7% from a year earlier. This is the largest export value ever recorded at the end of October, with 14 consecutive months of growth.

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

<Yearly Cumulative Export Value of Korean Agri-food Products>

• USD 7.53 billion in October 2023 → USD 8.19 billion in October 2024 (up by 8.7%)

<Yearly Cumulative Export Value of K-Food Plus> 

• USD 10.11 billion in October 2023 → USD 10.7 billion in October 2024 (up by 5.9%)

* K-Food Plus means a combination of the following: Korean agri-food products and the products from the related forward- and backward-linked industries (e.g. smart farms, agricultural equipment, pet food, veterinary medicine, etc.). 

Processed rice-based products, such as pre-cooked frozen kimbap (Korean seaweed rice rolls), pre-cooked rice products, and tteokbokki (spicy stir-fried rice cakes), showed a 41.9% increase in exports from a year earlier to reach USD 250 million. Exports of processed rice-based products to the U.S., the largest market, increased by 55.9% from a year earlier. Exports to China went up by 40.2% from a year earlier, driven by pre-cooked frozen kimbap being exported to the market, starting from September this year. 

<Yearly Cumulative Export Value of Processed Rice-based Products until the End of October 2024>

• USD 175.2 million in October 2023 → USD 248.7 million in October 2024 (up by 41.9%)

• USD 217.2 million at the end of 2023 

<Yearly Cumulative Export Value of Processed Rice-based Products by Markets until the End of October 2024>

• Exports to the U.S.: USD 144.6 million, up by 55.9% from a year earlier

• Exports to Vietnam: USD 13.4 million, up by 10.2% from a year earlier

• Exports to the Netherlands: USD 8.4 million, up by 67.9% from a year earlier

• Exports to China: USD 7.5 million, up by 40.2% from a year earlier

The export value of Korean ramyeon, the most exported item, reached a record high of USD 120 million for the one month of October this year. Thus, the cumulative export value of Korean ramyeon recorded from January to the end of October surpassed USD 1 billion. The exports of Korean ramyeon have continued an upward trend in China, the U.S., and Europe, and have increased by 70.9% from a year earlier in Latin America and the Caribbean. 

<Yearly Cumulative Export Value of Korean Ramyeon until the End of October 2024>

• USD 785.2 million in October 2023 → USD 1.0208 billion in October 2024 (up by 30%)

• USD 952.4 million at the end of 2023 

<Yearly Cumulative Export Value of Korean Ramyeon by Markets until the End of October 2024>

• Exports to China: USD 210 million, up by 18.6% from a year earlier

• Exports to the U.S.: USD 180 million, up by 65% from a year earlier

• Exports to the Netherlands: USD 80 million, up by 57.7% from a year earlier

Non-processed food products have increased by 0.5% in exports from a year earlier, with growing exports of kimchi, yuja, and grapes. In particular, the exports of yuja have turned to an upward trend starting from October, with its exports to new markets such as Canada and the Philippines continuing to rise. Biscuits and confectionery as well as beverages have also shown an increasing trend in exports.

<Yearly Cumulative Export Value of Non-processed Food Products until the End of October 2024>

• Kimchi: USD 134.7 million, up by 3.1% from a year earlier

• Yuja: USD 48.3 million, up by 2.3% from a year earlier

• Grapes: USD 33.3 million, up by 24% from a year earlier

<Yearly Cumulative Export Value of Biscuits and Confectionery and Beverages until the End of October 2024>

• Biscuits and confectionery: USD 640 million, up by 17.6% from a year earlier

• Beverages: USD 560 million, up by 15.8% from a year earlier

Exports of agri-food products to the U.S. and Europe have increased by more than 20% from a year earlier, and their exports to China and the ASEAN region have also increased until the end of October this year. As part of the effort to expand export markets for agri-food products beyond the U.S., China, and Japan, the MAFRA has strengthened promotional and marketing activities targeted at the Middle East, Latin America and the Caribbean, and India accounting for 30% of the global population.

<Yearly Cumulative Export Value of Agri-food Products by Markets until the End of October 2024>

• Exports to the U.S.: USD 1.31 billion, up by 22.1% from a year earlier

• Exports to China: USD 1.25 billion, up by 6.9% from a year earlier

• Exports to Japan: USD 1.15 billion, up by 5.9% from a year earlier

• Exports to the ASEAN region: USD 1.57 billion, up by 5.3% from a year earlier

• Exports to Europe: USD 560 million, up by 26.1% from a year earlier

<Yearly Cumulative Export Value of Agri-food Products to the Middle East, Latin America and the Caribbean, and India until the End of October 2024>

• USD 480 million in October 2023 → USD 540 million in October 2024, up by 11.9% from a year earlier

Starting from the fourth quarter of this year, the MAFRA has been carrying out a plan to run pop-up stores in Saudi Arabia, Mexico, and India. The pop-up stores are used for multiple purposes such as exhibition and sale of K-food products, a space for cooking classes, and business meetings.