The price of ramyeon

But questions still remain how the current administration is different from the former which insisted that the government solve everything.

JANG WON-SEOK

The author is a stock market news reporter of the JoongAng Ilbo.

Boil it and have a bite. You can blow it to cool it down, but it tastes better when it’s hot. You wouldn’t want a fancy meal if you eat it with a piece of kimchi. It goes perfectly well with other foods. You can create something new if you add it to a stew or stir-fried food. As it costs only 1,000 won (77 cents), there is no more cost-effective option than this.

Just like Italian pasta and Vietnamese rice noodles, Koreans have naengmyeon, or cold noodle, and makguksu, a buckwheat noodle. But nothing can beat ramyeon. Korea’s per capita consumption of instant noodles is 77 per year, the second most in the world. (The first is Vietnam.)

The love for instant noodles transcends generations. Older people often ate ramyeon from the difficult times, while young people study how to make it even tastier. This is why the lineup of ramyeon has become unusually diverse.

Instant noodles are no longer a local food. Last year, Korea’s exports of ramyeon exceeded 1 trillion won for the first time. Local production has also surged. Nongshim’s U.S. factory production has increased by 41.6 percent in two years. The popularity is attributed to the success of so-called K-content. In many Korean dramas and shows, a scene of eating ramyeon is essential. As the world watches it together, it is only natural that Korean instant noodles become popular. Chapaguri in the movie “Parasite” — and Buldak Stir-fried Noodles which became hugely popular on social media for its hot spicy taste — are good examples.

These days, foreigners increasingly ask, “I can find Shin Ramyeon here, but how about Samyang Ramyeon?” or “Where can I find Baedonghong, which is advertised by Yoo Jae-suk?” There are signs that consumers are growing in numbers.

In Korea, the ramyeon market is noisy for a different reason. Deputy Prime Minister for Economic Affairs Choo Kyung-ho said, “The price of ramyeon should go down as the wheat price went down. I hope consumers will exert pressure.” I can relate to the claim because I was furious as to why the price went up with the surging of the raw material price but remains the same when the material price is lowered.

It is the timing that price stability is important. Criticism that it is an excessive market intervention is also reasonable. President Yoon Seok-yeol is inconsistent as he asks foreign consumers to love K-food more but asks Korean consumers to fight against the ramyeon makers for raising prices even when international wheat price went down.

As expected, the industry surrendered. Nongshim, the leading ramyeon maker in Korea, announced the price cut first. It would be great if lowering 50 won per bag significantly helps price stabilization. But questions still remain how the current administration is different from the former which insisted that the government solve everything.