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Biz News Korea(Eng)
Korean instant noodle exports top $300 million for first time
- Collected
- 2017.12.19
- Distributed
- 2017.12.20
- Source
- Go Direct
According to the Ministry of Agriculture, Food and Rural Affairs, exports of Korean ramyeon totaled $346.43 million from January to November, up 31.9 percent from the same period last year. The amount has exceeded last year’s full shipment of $290.37 million.
The food ministry attributed the increase in exports to a wider choice in brands and flavor to meet with foreign taste and to expanded distribution network. Popularity of Korean pop culture also added appeal to the instant food.
By country, China accounted for the largest share of ramyeon shipments with 25.9 percent, followed by the United States with 12.3 percent, Japan with 6.6 percent, Taiwan with 5.6 percent and Australia with 4.4 percent.
Over a period of five years from 2012 to 2016, shipments to China surged 163 percent, followed by Taiwan (135 percent), and the U.S. (60.8 percent). Five countries from Southeast Asia including Malaysia and Indonesia emerged as new markets with exports jumping 105.7 percent over the five-year period.
The domestic market for instant noodles also expanded as growing number of single-member households prefer easy-to-cook noodles over rice and soup. Sales of ramyeon at local retailers reached 2.16 trillion won ($1.99 billion) last year, up 10.2 percent from 1.96 trillion won in 2012.
By Lee Duk-joo and Lee Eun-joo
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]