Story perspectives

South Korea's Food Exports Surge: $706 Million in 2024

1/2/2025

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Summary

South Korea's Export Surge

South Korea's confectionery exports hit $706 million in 2024's first 11 months, marking a 16.5% year-over-year increase.
Beverage exports rose to $609 million, up 14.9%, driven by demand from China, the U.S., and Japan.
Lotte Wellfood will open a new Pepero factory in India to cater to growing international demand.
Baked goods exports surged 18.9%, influenced by K-pop's global impact on local cuisine.
Agricultural product exports reached a record high, led by instant noodles and snacks.

Summary

South Korea's Record Exports

South Korea's exports hit a record $683.8 billion in 2024, up 8.2% from 2023, fueled by a 43.9% increase in semiconductor shipments.
Imports fell 1.6% to $632 billion, leading to a trade surplus of $51.8 billion.
Exports to China grew 6.6% to $133 billion, while U.S. shipments rose 10.5% to $127.8 billion.
Export growth is projected to slow to 4% in 2025 amid rising trade tensions and declining semiconductor prices.

History

Historical Context

South Korea's booming confectionery and beverage exports, driven by global demand, echo the post-1997 economic reforms that embraced Western culture. The Korean Wave, fueled by K-pop's international rise, has transformed South Korea into a cultural powerhouse, significantly boosting its economy through cultural exports.

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South Korea's Export Surge

South Korea's confectionery exports hit $706 million in 2024's first 11 months, marking a 16.5% year-over-year increase.
Beverage exports rose to $609 million, up 14.9%, driven by demand from China, the U.S., and Japan.
Lotte Wellfood will open a new Pepero factory in India to cater to growing international demand.
Baked goods exports surged 18.9%, influenced by K-pop's global impact on local cuisine.
Agricultural product exports reached a record high, led by instant noodles and snacks.

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