Yonhap News Agency reported on July 26 that the data released by the Korean Customs Service (Customs) on the 26th showed that in the first half of this year, South Korea’s instant noodle exports increased by 5.8% year-on-year to US$319.6 million, setting a new record for consecutive years. The value of imports is 4.69 million US dollars.
In terms of export targets, the largest export value to China was 68.13 million U.S. dollars, followed by the U.S. (37.3 million U.S. dollars) and Japan (33.02 million U.S. dollars).
In the first half of the year, South Korea’s export growth rate of instant noodles fell sharply compared to the same period last year (37.4%), and exports to China fell sharply by 15.8%. In this regard, industry insiders believe that there was a phenomenon of hoarding instant noodles affected by the epidemic in the first half of last year, and the recent hindrance in export logistics has had a certain impact on the slowdown in export growth.