Korean food exports have been on a steady rise over the past decade, with instant noodles, or ramyeon, leading as the top export and the US as the largest importer last year, data showed Thursday.
According to data compiled by the Korea Trade Statistics Promotion Institute and released by the Korea Chamber of Commerce and Industry, K-food exports surged from $3.51 billion in 2015 to $7.02 billion in 2024, reflecting an annual growth rate of 8 percent.
The growth accelerated in recent years, with the annual increase averaging 5.9 percent from 2015 to 2019 before spiking to 9 percent between 2020 and 2024.
Last year, food exports were led by ramyeon with $1.36 billion in sales, accounting for 19.4 percent of total K-food exports. Prepackaged meals followed at $980 million, while beverages and health supplements recorded $940 million and $820 million, respectively.
Over the past decade, ramyeon posted the highest export growth rate at 20.1 percent, followed by health supplements at 11.9 percent and seasoned seaweed at 11.3 percent.
Seasoned dry seaweed, a popular Korean snack, saw exports reach $629 million last year, nearly triple the $240 million recorded in 2015, accounting for 9 percent of total exports.
The United States emerged as the largest importer of K-food products in 2024, purchasing $1.46 billion worth, or 20.8 percent of total exports. China came next at 18.1 percent, while Japan and Vietnam made up 11.2 percent and 5.2 percent of the total.
The rankings a decade ago presented a different picture: In 2015, China led K-food imports with $792 million, followed closely by Japan at $782 million. At the time, the US imported only $489 million worth. Even in 2023, China narrowly edged out the US, importing $1.22 billion compared to $1.21 billion.
While the US saw an annual increase of 14.1 percent over the past decade -- outpacing China’s 5.4 percent and Japan’s 0.1 percent -- the Netherlands recorded the highest growth at 26.5 percent, followed by Germany at 23.1 percent.
Last year, the United Arab Emirates posted the sharpest year-on-year rise at 52.8 percent, increasing from $39 million in 2023 to $59 million, followed by Germany and the Netherlands at 45.6 percent and 40.4 percent, respectively.
minmin@heraldcorp.com
