South Korea‘s agricultural and food exports hit a record high in 2023, driven by strong demand for instant noodles, strawberries, and other staple items.
The Ministry of Agriculture, Food and Rural Affairs (MAFRA) reported on Friday that exports for the first 11 months of 2023 increased by 2.4% year-on-year, reaching 10.7 trillion won ($8.27 billion). This marks the sector’s highest recorded figure to date.
Leading the way, instant noodles saw a remarkable 25.9% surge in exports, reaching $876.1 million. Other notable gainers in the market included strawberries (increasing by 22.2% to $56.1 million), rice-processed foods (up by 20.7% to $197.5 million), beverages (up by 11.1% to $534 million), and kimchi (experiencing a 9.9% rise to $142.4 million).
South Korean agricultural and food exports continued to find strong demand in China and the US, with shipments to China increasing by 11.1% to $12.88 billion and exports to the US growing by 8.5% to $12.25 billion.
MAFRA is set to include sales from duty-free shops in its export data.
This is attributed to the robust recovery of the duty-free market, which has ensued with the relaxation of COVID-19 travel restrictions.
In the first 11 months of 2023, sales of agricultural and food products in duty-free shops reached $120 million, doubling the level of the same period last year.
Ginseng emerged as a particularly popular item in duty-free shops, experiencing a remarkable 74.6% surge in sales to reach $64 million.
Incorporating duty-free shop sales, agricultural and food exports for the first 11 months of 2023 would show a 3.2% increase, totaling $8.39 billion.