South Korea: Exports of processed rice foods hit record high

Published 2024년 1월 30일

Tridge summary

South Korea's exports of processed rice foods hit a record $217.239 million in 2023, marking a 19.5% increase from the previous year. This surge is attributed to the global popularity of 'K-food' such as instant rice, frozen gimbap, and tteokbokki, with the United States accounting for over half of the total exports. The rise in exports is also linked to the global interest in convenient and healthy foods, and the success of Korean cultural content. The government plans to support this industry's growth, aiming to increase the market to 17 trillion won by 2028 and expand exports to $400 million.

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

Original content

As ‘K-food’ such as instant rice, frozen gimbap, and tteokbokki became popular around the world, exports of processed rice foods reached an all-time high last year. According to the Ministry of Agriculture, Food and Rural Affairs and the Korea Agro-Fisheries and Food Trade Corporation (aT) on the 29th, exports of processed rice foods last year amounted to $217.239 million (about 290 billion won), exceeding $200 million for the first time. This is a 19.5% increase from $181.821 million in 2022. The export amount of processed rice foods was $54.342 million in 2015, but exceeded $100 million in 2019, and even exceeded $200 million last year. Looking at last year's export amount by exporting country, the United States accounted for more than half of the total at $114.801 million (52.8%). It was followed by Vietnam ($14.99 million), the United Kingdom and the European Union ($14.893 million), Japan ($12.583 million), and Australia ($7.135 million). The increase in exports of Korean ...

Source: Donga