Korea's agricultural exports hit fresh high in 2024

Frozen gimbap products are displayed at an exhibition held in Seoul, Nov. 20, 2024. Yonhap

Korea's exports of agricultural goods and related products grew 6.1 percent from a year before to a record high in 2024 amid growing overseas demand for instant noodles and processed rice items, the agriculture ministry said Tuesday.

Outbound shipments from the so-called K-Food Plus sector reached $13 billion last year, compared with $12.28 billion recorded in 2023, according to the Ministry of Agriculture, Food and Rural Affairs.

K-Food Plus encompasses a diverse range of food products and related items from fresh and processed goods to agricultural equipment and solutions.

Exports of foodstuffs rose 9 percent on-year to $9.98 billion in 2024, maintaining growth for nine consecutive years, the data showed.

By product, exports of instant noodles surged 31 percent on-year to $1.24 billion and shipments of snacks jumped 17.4 percent to $770.4 million.

The ministry attributed the sharp growth in exports of instant noodles to their exposure in Korean movies and dramas released overseas.

Outbound shipments of processed rice products jumped 38.4 percent to $299.2 million, and exports of kimchi, a traditional Korean side dish typically made with fermented cabbage, increased 5.2 percent to $163.6 million.

The ministry noted that Korean rice products have gained significant popularity in major markets, including the United States, as they are recognized as gluten-free, healthy and convenient meal options.

By destination, agricultural exports to the U.S. rose 21.1 percent to $1.59 billion, driven by the entry of Korean food products into major retailers, including Costco.

Shipments to China gained 7.9 percent on-year to $1.51 billion, partly helped by increased sales on China's online platforms.

Exports to Japan, on the other hand, dipped 4.3 percent to $1.37 billion on weak consumer sentiment there.

Exports of non-food agricultural products slipped 2.4 percent to $3.05 billion, as losses in machinery shipments more than offset gains in shipments of pet food, animal pharmaceutical products and pesticides.

Overseas sales of pesticides spiked 61.7 percent to $806.9 million on strong demand from Latin American and Southeast Asian countries, according to the data. Exports of pet food products added 7.4 percent on-year to $160.9 million.

Exports of smart farm solutions, on the other hand, shed 18.8 percent to $240.8 million.

"While uncertainties in the trade environment linger this year, the country will maintain momentum by leveraging the global popularity of Korean entertainment content and foodstuffs, along with the growing size of the market for agricultural machinery," the ministry said.

"The government will continue to enhance communication with businesses to tackle challenges in exports and provide additional support, including assistance for conventions, marketing activities and efforts to address non-tariff barriers," it added. (Yonhap)