Exports of Korean Agri-Food Products Increased 7.6% to USD 3.96 Billion in May 2024

Sejong, 4 July 2024 — The Ministry of Agriculture, Food and Rural Affairs (MAFRA) announced that the cumulative value of exports of Korean agri-food products at the end of May this year reached USD 3.96 billion (tentative figures), up by 7.6% from a year earlier. This marks a continued upward trend in year-on-year export growth over the past three months.



<A Growth Trajectory of Exports of Korean Agri-food Products>

• USD 36.8 billion in May 2023 → USD 39.6 billion in May 2024 (up by 7.6%)

• 3.6% year-on-year increase in March 2024 → 6.3% year-on-year increase in April 2024 → 7.6% year-on-year increase in May 2024

By export items, instant noodles, biscuits and confectionery, beverages, processed rice-based products, kimchi and other major export items continued to lead the growth trend.  

<Value of Exports of Main Korean Agri-Food Products Until the End of May 2024>

• Instant noodles: USD 486.2 million (up by 36.2% from a year earlier)

• Biscuits and confectionery: USD 291.6 million (up by 12.6% from a year earlier)

• Beverages: USD 269.7 million (up by 13.1% from a year earlier)

• Processed rice-based products: USD 113 million (up by 42.8% from a year earlier)

• Kimchi: USD 70.7 million (up by 6.4% from a year earlier)

Instant noodles were the most exported item, worth USD 486.2 million, at the end of May for this year. For last year, tobacco products were the most exported item, but instant noodles have risen to the top of the list thanks to a dramatic increase in their exports this year. The value of exports of instant noodles recorded in May alone surpassed a hundred million dollars to reach USD 107.3 million. In particular, exports of instant noodles to China— the largest importer of Korean instant noodles—increased by 27.7% from a year earlier, as South Korean exporting companies expanded their online sales channels in China. Exports of Korean instant noodles to other countries were on the rise, too, with exports to the U.S., the ASEAN region, and Europe up by 71.4%, 24.8%, and 49.5%, respectively.

<Value of Exports of Major Korean Agri-Food Products in 2023>

• Tobacco: USD 1,008.2 million

• Instant noodles: USD 952.4 million

• Biscuits and confectionery: USD 656.3 million

<Value of Exports of Korean Instant Noodles Until the End of May 2024>

• USD 90.6 million in exports to China (up by 27.7% from a year earlier)

• USD 81.5 million in exports to the U.S. (up by 71.4%)

• USD 81.7 million in exports to the ASEAN (up by 24.8%)

• USD 81.1 million in exports to the Europe (up by 49.5%)

Exports of South Korean biscuits and confectionery reached USD 291.5 million, up by 12.6% from a year earlier, as South Korean bakery chains expanded their overseas sales outlets in the US and the exports of baking ingredients (doughs) to Japan recovered. In particular, exports to the U.S. increased by 38.3% as Korean biscuits and confectionery made their way to shelves at more stores in the U.S., ranging from mainstream retail chains (such as Costco) to discount store chains (such as Five Below).

<Value of Exports of Korean Biscuits and Confectionery Until the End of May 2024>

• USD 103 million in exports to the U.S. (up by 38.3% from a year earlier)

• USD 40.7 million in exports to China (down by 23.8% from a year earlier) 

• USD 30.3 million in exports to Japan (up by 0.3% from a year earlier)

Exports of Korean non-alcoholic beverages increased by 13.1% to USD 269.7 million. The main contributors are growth in exports of Korean plant-based drinks to China, energy drinks to Cambodia, and drinks for children to Vietnam. With the summer drinking season around the corner, exports of Korean beverages are expected to grow further.

<Value of Exports of Korean Non-alcoholic Beverages Until the End of May 2024>

• USD 57.1 million in exports to China (up by 5.7% from a year earlier)

• USD 39.4 million in exports to the U.S. (up by 8.5% from a year earlier)

• USD 28.4 million in exports to Cambodia (up by 23.1% from a year earlier)

• USD 27.4 million in exports to Vietnam (up by 11.7% from a year earlier)

Likewise, more kimchi products were shipped overseas than a year ago, recording a 6.4% increase to USD 70.7 million in exports. This growth is being driven largely in the U.S. and Europe. Korean kimchi producers have been strengthening their marketing campaigns in Europe by launching new products and opening pop-up stores. They also signed deals with mainstream retail chains in the U.S. (such as Walmart, Costco, etc.) to supply kimchi products to their stores. As a result, exports of kimchi to the U.S. and Europe rose by 25.8% and 37.5%, respectively. 

<Value of Exports of Kimchi Until the End of May 2024>

• USD 24.5 million in exports to Japan (down by 12.8% from a year earlier)

• USD 20.5 million in exports to the U.S. (up by 25.8% from a year earlier)

• USD 10.3 million in exports to Europe (up by 37.5% from a year earlier) 

South Korean chicken meat products, including samgyetang (Korean ginseng chicken soup), also recorded a 6.6% year-on-year growth in exports, with a value of USD 37.8 million. As a contributor to this export growth, 8.5 tonnes (USD 5 million) of samgyetang (heat-processed poultry meat) were shipped to Germany, the Netherlands, and other European countries in May this year—for the first time in 27 years since Korea entered a negotiation with the EU over poultry import in 1996. In addition, exports of Korean fresh chicken meat to Vietnam—one of the major importers of the export item—have come back to a growth path, contributing to the growth in exports of Korean chicken meat.

<Value of Exports of Korean Chicken Meat Until the End of May 2024>

• USD 30.3 million in exports to Vietnam (up by 9.1% from a year earlier)

• USD 2.7 million in exports to the U.S. (down by 17.2% from a year earlier)

• USD 1.6 million in exports to Europe (up by 21.8% from a year earlier) 

Meanwhile, South Korean infant formula products recorded a 4.7% year-on-year growth in exports, with a value of USD 37.1 million. This export item had shown a downward trend in year-on-year growth until April this year but started trending upward in May. Exports to China—the largest importer of Korean infant formulas—have resumed since the country introduced new national standards for infant formula in 2023. Accordingly, Korean exporters were granted permission for registration of their infant formula products by the Chinese government. Also, exports to Cambodia increased by 73.6% from a year earlier, thanks to growing perception among Cambodian consumers that Korean-made formula is safe.

<Value of Exports of Korean Infant Formula Products Until the End of May 2024>

• USD 25.1 million in exports to China (up by 1.4% from a year earlier)

• USD 6.8 million in exports to Cambodia (up by 73.6% from a year earlier)

All in all, exports of Korean agri-food products increased to the U.S., the ASEAN region and the Europe. Importantly, exports to China turned around from a downward trend to an upward one in year-on-year growth, with an 2.9% increase from a year earlier, thanks to the picking-up of consumer spending in the country. In the U.S. and Europe, meanwhile, solid consumer spending underpinned the export growth of 17.8% and 32.2%, respectively. To the contrary, exports to Japan went down by 5.8% due to a continued depreciation of the Japanese yen, high inflation, and a decline in real wages.

<Value of Exports of Korean Agri-Food Products by Importing Country>

• USD 610 million in exports to the U.S. (up by 17.8% from a year earlier)

• USD 577 million in exports to China (up by 2.9% from a year earlier)

• USD 569 million in exports to Japan (down by 5.8% from a year earlier)

• USD 791 million in exports to the ASEAN (up by 5.7% from a year earlier)

• USD 282 million in exports to Europe (up by 32.2% from a year earlier)

Deputy Minister Kwon Jae-han of the Agricultural Innovation Policy Office of the Ministry said: “Thanks to the efforts of Korean exporting companies to produce various kinds of products to suit local preferences and diversify export markets, exports of Korean agri-food products have been showing a steady growth. To help achieve a record export growth this year, we will make the utmost effort to provide close support for Korean exporters. And at the same time, we will do our best to help them expand their business in the current and new overseas markets by resolving their difficulties through inter-ministerial cooperation.”