South Korea: Paprika should build an advanced country export business model

Published 2021년 2월 4일

Tridge summary

Despite a decrease in overall exports in 2020 due to the pandemic, Korea's agri-food exports saw a record high increase of 7.7%, with significant growth in kimchi and ginseng exports. Paprika, accounting for about 44% of domestic production, also saw increased exports due to year-round production through smart farms. However, the paprika industry faces challenges such as high import costs for seeds, price competitiveness, safety of pesticide residues, and the need to develop alternative markets and customized marketing strategies. Efforts are being made to localize seeds, stabilize export product production, meet buyers' standards, and develop alternative markets, with ongoing research to upgrade value chains and increase future competitiveness.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

[Korean Farmers' Newspaper] The growth of the agricultural sector is important in the process of Korea entering an advanced country. Korea made a leap to the world's 10th largest trading country with 1 trillion dollars in trade, but until recently, the agricultural sector was afraid of self-departing from its position as a developing country. However, starting in 2019, Korea's agricultural sector, whether voluntarily or unintentionally, has also been converted to an advanced country. Korea's agri-food exports remain at the 37th place in the world over the past 10 years. In order for Korean agriculture to develop and transform into a competitive advanced agricultural country, growth in the export sector is important. In the aftermath of'Corona 19' in 2020, the total national exports of Korea decreased to $5128 billion (△5.4%) from the previous year, but exports of agri-food recorded a record high of $7.57 billion (provisional) despite difficulties. It increased significantly (7.7%) ...

Source: Agrinet