Rice processed food exports increase by 45.6% in first seven months

The value of rice processed food exports increased by nearly 50 percent year-on-year for the first seven months of the year to hit an all-time high. This is thanks to the high demand for frozen kimbap, instant rice and others from overseas.

According to the Agriculture, Food and Rural Affairs Ministry and the Korea Agro-Fisheries Trade Corporation (aT) on Sunday, the value of rice processed food exports reached 166.12 million U.S. dollars through July, up 45.6 percent from the same period last year.

Notably, exports to the U.S. accounted for 94.37 million dollars, or 56.8 percent of the total. The export value increased by 68 percent compared to the same period last year. According to the ministry, rice-processed foods have gained great popularity due to the popularity of homemade meals (HMR), which has spread through social media.

If the current trend continues, this year's annual rice processed food exports are on track to surpass last year's record of 217.24 million dollars. The annualized value of rice processed food exports has been steadily increasing every year since 2015 (54.34 million dollars), indicating a promising future for this industry.

The government is committed to strengthening support for rice-processed foods. The agriculture ministry has set a goal to grow the domestic rice processing industry market to 17 trillion won (12.6 billion dollars) by 2028 and expand exports to 400 million dollars. The National Agriculture Cooperative Federation (NongHyup) also plans to provide support in sales budgets and export logistics costs for farmers' cooperatives that export rice processed foods and those that newly supply rice for processing and alcoholic beverages. This support is a clear indication of the government's confidence in the industry's potential.


세종=소설희 facthee@donga.com