South Korea's instant noodle exports hit record high

The Korea Customs Service said that South Korea's ramyeon exports totaled $785.2 million in the January-October period of 2023, up 24.7 percent from the same period last year, officially surpassing the 1 trillion won (about $776 million) mark. South Korea's ramyeon exports are expected to set a record for the ninth consecutive year since 2015.

In terms of export volume, a total of 201,363 tons of instant noodles were exported during the same period, up 13.9% from a year ago. The export volume is also likely to hit a record high for the entire year.

It is known that 2023 also marks the 60th anniversary of the first Korean instant noodle package being produced (1963).

Statistics show that if the won/dollar exchange rate of 1,300 won is applied to instant noodle exports from January to October 2023, the figure will reach 1,020.8 billion won, marking the first time that Korea's instant noodle exports have exceeded 1,000 billion won. The total value of Korea's instant noodle exports this year is estimated to reach 1,200-1,300 billion won.

The largest importer of Korean instant noodles is China, with a value of about 174.4 million USD.

The US ranked second with $107 million, followed by Japan with $48.66 million and the Netherlands with $48.64 million.

Export turnover to the United Arab Emirates (UAE) recorded 12.24 million USD, ranking 15th, the highest among Middle Eastern countries. Saudi Arabia ranked 18th with 8.99 million USD.

If calculated at the won/USD exchange rate of 1,300 won, Korea's instant noodle exports in 2022 would have reached nearly 1,000 billion won.

It should be noted that the export volume here only considers products produced in Korea and exported abroad. If the volume of products directly produced in overseas factories and sold in the local market were included, Korea's global instant noodle export volume would be much larger.

Industry observers say South Korea's total instant noodle sales, including exports and domestic production, are likely to exceed 2 trillion won, as some South Korean companies are producing instant noodles at overseas factories to serve regional demand.

Nongshim - South Korea's largest instant noodle maker and exporter - produces instant noodles at factories in the US and China, with total sales reaching 90 billion won (nearly $70,000) in 2022.

Samyang Foods, another top instant noodle seller in South Korea, said exports would rise 56% to 605 billion won ($468 million) by 2022. The company's global sales, which accounted for 7.1% of its total sales as of 2011, would also jump to about 66.6% of its total sales by 2023.

These optimistic figures are largely driven by the popularity of Korean dramas and movies, which have helped boost the appeal of noodles and other Korean dishes globally. Currently, Korean instant noodles are exported to 128 countries and territories around the world , according to The Korea Herald .

Minh Hoa (reported by Vietnam+, Lao Dong)

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