South Korean agribusiness exports to the Southeast Asian region for the first time in history surpassed Japan

Published 2020년 12월 9일

Tridge summary

South Korea's agricultural food exports to the 'New Southern' region, a term for Southeast Asia, have surpassed Japan for the first time, becoming the largest export zone. The exports from January to November increased by 6.8% year-on-year to $6,845 billion, a record high despite the global trade slowdown due to the COVID-19 pandemic. The New Southern region accounted for 20.4% of these exports, with notable increases in exports of noodles, sauces, formula, kimchi, and fresh agricultural products like sweet persimmons and grapes. The Ministry of Agriculture, Food and Rural Affairs plans to expand policy support to further boost exports, particularly with the anticipated acceleration due to the Regional Comprehensive Economic Partnership Agreement (RCEP).

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Original content

(Seoul = Yonhap News) Reporter Go Eun-ji = Exports of agricultural food to the'New Southern', which refers to the Southeast Asian region, surpassed Japan for the first time in history, ranking first. The Ministry of Agriculture, Food and Rural Affairs announced on the 9th that the export of agricultural foods from January to November was 6,845 billion dollars (about 7.4 trillion won), up 6.8% from the same period last year. Agricultural food exports reached a record high despite the overall sluggish trade due to the novel coronavirus infection (Corona 19). Of these, exports of agri-food to the New Southern were $1,395 million, an increase of 8.4% over the same period last year, surpassing Japan as the largest export zone for the first time. The proportion of the New Southern region in total agri-food exports exceeded the 20% mark at 20.3% last year, and then slightly expanded to 20.4% this year. Most of the new southern countries, including Thailand 9.8%, Indonesia 4.0%, the ...

Source: Yna