South Korea’s exports of instant noodles surpass $100 mn for 1st time

Seoul, May 19 (IANS) South Korea’s exports of instant noodles surpassed the $100 million mark for the first time last month on the growing popularity of Korean culture and food, data showed on Sunday.

Exports of instant noodles, or “ramyeon” in Korean, reached $108.6 million in April, up 46.8 percent from a year earlier, growing at the fastest pace since May 2022, according to the Korea Customs Service (KCS).

It marks the first time the monthly figure has exceeded $100 million, the agency said, reports Yonhap news agency.

Ramyeon exports have been on a constant rise since 2015 and are expected to hit a fresh high this year in line with the popularity of Korean movies, dramas and music, as well as high demand for affordable, ready-to-eat food products amid high inflation.

Last year, ramyeon exports reached a record high of $952 million, jumping 24.4 per cent from 2022.

The KCS expects the exports to surpass $1 billion this year.

Samyang Foods Co., a major South Korean instant noodle maker, saw its sales soar 57 per cent on-year to 385.7 billion won ($284.5 million) in the first quarter.

The company said its revenue from overseas markets, in particular, shot up 85 per cent thanks to the popularity of the carbonara flavour of its smash-hit spicy instant noodle item, Buldak Ramen.

Overseas revenue accounted for 75 per cent of Samyang’s total sales in the first quarter, according to the company.

–IANS

na/