New

Transform your trade strategies with Market Brief, Tridge’s AI-powered market insights.

South Korea's kimchi imports increased nearly 7% in the first seven months of this year, reaching a new high

Published Sep 2, 2024

Tridge summary

In the first seven months of the year, South Korea's kimchi imports reached a record high both in value and volume, with a value of US$102.25 million and a volume of 173,329 tons, driven by increased prices and poor cabbage supply. Most kimchi imports come from China. Meanwhile, kimchi exports also saw a record high, increasing by 3.7% year-on-year to US$96.85 million and by 4.9% year-on-year to 278.58 million tons.

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

Original content

In the first seven months of this year, the import value of kimchi broke the highest record set in the same period of 2022 (US$96.49 million). During the same period, the import volume of kimchi increased by 6% year-on-year to 173,329 tons, breaking the highest record in the same period of 2019. According to analysis, the combination of factors such as rising prices and poor supply of cabbage in summer has led to record highs in both the import value and volume of kimchi in the first seven months of this year. Most of the kimchi imported by South Korea comes from China. The import value of kimchi decreased by 7.7% year-on-year in 2021 to US$140.74 million, and has gradually increased since 2022, exceeding for two consecutive years. 160 million US dollars. As of 2022, kimchi imports accounted for 14% of total consumption. The import volume was less than 30,000 tons in 2003, but it increased sharply to 306,000 tons in 2019, a record high. Affected by the reduced demand for food ...

Source: Foodmate