South Korea's agricultural and food product exports have risen by 3.4 percent in the first quarter of 2024, hitting a record $2.27 billion, led by notable increases in exports of instant noodles, processed rice products, snacks, and kimchi. The boost in instant noodle exports, which saw a 30.1 percent jump to $270 million, is attributed to the global popularity of Korean cultural exports, or Hallyu, particularly K-dramas that have heightened the demand for Korean food products. Additionally, while exports to Japan decreased by 7.6 percent, there was a 14.2 percent increase in exports to the United States and a 27.4 percent surge to the European Union and Britain.
The overall growth in South Korea's agricultural exports aligns with the country's rising prominence as a significant importer of U.S. wheat, expected to cover 50% of its market share in 2024. The increased demand for wheat flour is partly fueled by the global influence of Korean pop culture, including K-Pop and K-dramas, which have expanded the international footprint of Korean food companies. This cultural trend has not only boosted wheat flour usage domestically but also promoted Korean food culture internationally, contributing to the sector's growth.
Looking ahead, the ongoing global appeal of Hallyu is likely to continue driving demand for Korean food products, underpinning the potential for sustained export growth. South Korea’s strategic emphasis on quality and leveraging its cultural soft power through the Hallyu wave positions the country to expand its reach in the global food market further. This cultural and economic synergy is expected to open new avenues for South Korea's agricultural and food product exports, enhancing its global market presence.