Business and Economy
S. Korea’s exports of ‘ramyeon’ surpass $100M for 1st time in April
Exports of instant noodles, or “ramyeon” in Korean, reached USD108.6 million in April, up by 46.8 percent from a year earlier, growing at the fastest pace since May 2022, according to the Korea Customs Service (KCS).
(File Photo: Francis Chang/Flickr, CC BY-SA 2.0)
SEOUL – South Korea’s exports of instant noodles surpassed the USD100 million mark for the first time last month due to the growing popularity of Korean culture and food, data showed Sunday.
Exports of instant noodles, or “ramyeon” in Korean, reached USD108.6 million in April, up by 46.8 percent from a year earlier, growing at the fastest pace since May 2022, according to the Korea Customs Service (KCS).
It marked the first time the monthly figure has exceeded USD100 million, the agency said.
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 USD952 million, jumping 24.4 percent from 2022.
The KCS expects the exports to surpass USD1 billion this year.
Samyang Foods Co., a major South Korean instant noodle maker, saw its sales soar 57 percent on-year to 385.7 billion won (USD284.5 million) in the first quarter.
The company said its revenue from overseas markets, in particular, shot up 85 percent, thanks to the popularity of the carbonara flavor of its smash-hit spicy instant noodle item, Buldak Ramen.
Overseas revenue accounted for 75 percent of Samyang’s total sales in the first quarter, according to the company. (Yonhap)
