South Korea: Last year's agri-food exports were the highest in history

Published 2021년 1월 8일

Tridge summary

South Korea's agri-food exports hit an all-time high of $7.57 billion in 2020, a 7.7% increase from the previous year, despite global trade challenges due to the pandemic. The growth was led by fresh agricultural products like kimchi, ginseng, citron tea, grapes, and processed foods such as ramen and rice products. The New Southern Policy's implementation also resulted in New Southern becoming the second-largest export region, surpassing Japan. The government is now focusing on strategies to further boost fresh agricultural product exports and address concerns about the potential impact on growth from the end of export logistics cost support in 2024.

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

Original content

Last year, exports of agri-food recorded an all-time high of $7.57 billion. This is an achievement amid difficulties in global trade due to the'new coronavirus infection (Corona 19)' situation. According to the Ministry of Agriculture, Food and Rural Affairs, agri-food exports last year totaled $7.57 billion, an increase of 7.7% from 2019 ($7.30 billion). It is the highest number ever, surpassing the original target of $7.5 billion. The increase also jumped from 1.5% in 2018 and 1.4% in 2019. This is noteworthy in that it was the result of a 5.4% decrease in exports across the country due to the Corona 19 pandemic (a global pandemic). The advancement of fresh agricultural products stands out. By item, kimchi exports worth $144.5 million, an increase of 37.6% compared to 2019, thanks to marketing that emphasized product localization and functionality. With growing interest in health around the world, ginsengs also increased by 9.3% to $29.8 million. Citron tea surpassed 50 million ...

Source: Nongmin