S.Korea sees new record of instant noodle exports

As K-food popularity grows, the export from January to October 2023 was $785.25 mn, up 24.7% year-over-year

Hwang Jung-Hwan 2

2023-11-20 15:34:09 jung@hankyung.com

Korean food

South Korea's exports of ramen exceeded 1 trillion won ($780 million) for the first time. Korean ramen is celebrating its 60th anniversary this year, and the country's signature instant noodle.

Considering production and direct sales at overseas plants by ramen companies, the actual global export value is estimated to have surpassed 2 trillion won.

Trade statistics from the Korea Customs Service released on Monday indicate that ramen exports from January to October this year reached $785.25 million, representing a 24.7% increase from the same period last year.

When converted at an exchange rate of 1,300 won per dollar, the value translates to 1.02 trillion won, marking the first time ramen export value has surpassed 1 trillion won.

Given the remaining two months, this year's annual export value is projected to fall between 1.2 and 1.3 trillion won.

This marks a new record for the ninth consecutive year since 2015.

Ramen export volume from January to October this year reached 201,363 tons, representing a 13.9% increase from the same period last year.

While this figure still falls short of last year's annual export volume of 215,953 tons, it is expected to set a new record when factoring in the remaining two months.

In terms of ramen export value by country from January to October this year, China topped the list with $174.45 million, followed by the US with $170 million, Japan with $48.66 million, the Netherlands with $48.64 million, Malaysia with $39.67 million, and the Philippines with $30.9 million.

Australia ($30.16 million), Thailand ($30.07 million), the UK ($29.8 million), and Taiwan ($28.13 million) also ranked among the top ten ramen export destinations.

The popularity of Korean ramen overseas can be attributed to its recognition as a convenient and affordable meal option during the COVID-19 pandemic.

The success of the 2020 film Parasite, which garnered four Academy Awards, including Best Picture, is also considered to have played a role in the rise of Korean ramen's popularity.

The movie Parasite features Chapaguri, a mixture of Nongshim's Chapagetti and Neoguri, which has further fueled interest in Korean ramen flavors.

In addition, as Korean cultural content continues to spread globally, interest in K-food, including ramen, is also on the rise.

Write to Hwang Jung-Hwan at jung@hankyung.com