Korean agri-food exports hit $8 bn record high

South Korea’s Ministry of Agriculture, Food and Rural Affairs announced Friday that the country’s agricultural and food exports totaled $8.27 billion in the first 11 months of 2023, up 2.4 percent from the same period a year ago and hitting a record high.

By item, exports of instant noodles rose 25.9 percent to $876.1 million compared to the same period a year ago. Strawberry exports went up 22.2 percent to $56.1 million and processed rice products up 20.7 percent to $197.5 million. Beverage exports gained 11.1 percent to $530.4 million and kimchi exports rose 9.9 percent to $142.4 million.

By country, exports to China grew 11.1 percent to $1.28 billion, and those to the United States rose 8.5 percent to $1.20 billion.

The ministry has been communicating with companies through the ‘K-Food Plus (+) Expansion Promotion Headquarters’ and the ‘Export Information Desk’ opened in January 2023 to expand agricultural and food exports and facilitate communication with businesses.

The ministry also identified about 400 challenges that export companies face via on-site visits and meetings, out of which 344, including the use of the Korean certification mark and marketing support, were promptly resolved.

The ministry also plans to include duty-free sales in the export amount after consultations with the Korea Customs Service and legal reviews.

Duty-free sales of agricultural and food products totaled $120 million in the first 11 months of 2023, double the amount from the same period a year ago. Duty-free sales of ginseng products in particular hit the $64 million mark during the period, and were up 74.6 percent from a year ago.

The increase is attributable to the gradual recovery of the duty-free market after overseas travel restrictions were lifted with the end of the Covid-19 pandemic.

The total value of agricultural exports, including duty-free sales, from January to November 2023 grew to $8.39 billion, up 3.2 percent from the same period a year ago.