South Korea's exports of convenience goods topped 1 trillion won in October, a nine-year high？

SEOUL, Nov. 20 (Yonhap) -- South Korea's instant noodle exports surpassed the 1 trillion won (5.56 billion yuan) mark for the time in the  10 months of this year on the occasion of the 60th anniversary of the introduction of the Korean instant noodle brand to the market. Given that Korean companies locally produce and sell instant noodles overseas, global exports are expected to exceed 2 trillion won.

 

　　Data released by the Korea Customs Service (Customs) on the 20th showed that the export value of instant noodles from January to October this year increased by 24.7% year-on-year to 785.25 million U.S. dollars, which exceeded last year's annual (765.41 million U.S. dollars) export value. As a result, the export value of instant noodles hit a record high for nine consecutive years.

 

　　According to the Korean Won to the U.S. dollar exchange rate of 1,300 won conversion, in the 10 months of this year, instant noodle exports of 1.0208 trillion won, for the time exceeding the 1 trillion mark, are expected to reach the annual export volume of 1.2 trillion ~ 1.3 trillion won. Together with the products produced and sold by Korean companies in overseas factories, it is estimated that the scale of instant noodle exports will reach about 2 trillion won.

 

　　During the same period, the export volume of instant noodles was 201,363,000 tons, an increase of 13.9% year-on-year, although it has not yet reached last year's full-year export volume (215,953,000 tons), considering that there are still 2 months left in the year, it is expected that the annual export volume is also expected to hit a record high.

 

　　According to the analysis, the new crown epidemic instant noodles become a meal and emergency reserve food, the global influence of the movie "Parasite" and the prevalence of Korean culture have led to the hot sales of instant noodles in South Korea.

 

　　In terms of export target regions, exports to mainland China were the largest, at $174.45 million. It was followed by the United States ($107 million), Japan ($48.66 million), the Netherlands ($48.64 million), Malaysia ($39.67 million), and the Philippines ($30.9 million). Korea's instant noodle exports exceeded $1,000 in 128 countries and territories worldwide.