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  • Kimchi Export (October, 2020) Hit a Record High… ‘Japan’ Appears to be a Promising Market
    2021-01-06 hit 1251

    Kimchi Export (October, 2020) Hit a Record High…‘Japan’ Appears to be a Promising Market 

     

    - 28% increase in exports to Japan, Korean products take up 19.6% of the market … Kimchi recognized for its health benefits amidst the COVID-19 pandemic 


    Following the COVID-19 outbreak, Korea’s kimchi export surged with increased interest and demand for healthy food that can boost the immune system. 


    The Institute for International Trade (President: Choi Yong-min) published the “AI Report on Promising Trade Item: Kimchi” on December 6. According to the report, Korea’s kimchi export between January and October 2020 increased 36.4 percent compared to the previous year, which is a record high. This amounts to 119.09 million dollars in terms of value and 32,000 ton in volume for the first time in history. 

    Utilizing AI-powered analysis and a data set containing nine indicators from 58 major countries, the most promising market for kimchi was Japan (81.3 points), followed by Germany (79.5 points) and Hong Kong (79 points). 


    Valued at 368 million dollars, Japan remains the second-largest market for “prepared and preserved vegetables (HS200599),” which includes kimchi, following the United States valued at 520 million dollars. Moreover, by October 2020, the Japanese market accounted for 49.9 percent of Korea’s kimchi export and rose 28 percent year-on-year to reach 59.48 million dollars. The market share of Made-in-Korea kimchi in the Japanese market rose from 13.4 percent in 2017 to 19.6 percent in 2020.


    The report states, “When it comes to export growth, exports to the United States (56.3%), Hong Kong (50.4%), Australia (64.7%) and Singapore (85.4%) also increased by more than 50 percent compared to the same period last year,” and added, “We believe the increased interest in healthy food stemming from COVID-19 and the Korea Wave propelled by figures such as BTS led to this phenomenon.” 


    Cho Eui-yun, a researcher at the Korea International Trade Association, said, “Despite the controversy over the 'international kimchi standard' with China, Korean kimchi is on the table around the world, solidifying Korea’s status as the birthplace of kimchi,” and added, “As the demand for kimchi, which is recognized to have health benefits, is expected to show continued growth. Kimchi export will continue to increase if efforts are made to localize products and improve the quality.”


     

    < Export volume and proportion by country (January-October 2020) >

    (unit: 1,000 dollars, %)

    Rank

    Country

    Export Volume

    Proportion

    Growth Rate

    1

    Japan

    59,481

    49.9

    28.0

    2

    U.S

    18,684

    15.7

    56.3

    3

    Hong Kong

    6,281

    5.3

    50.4

    4

    Taiwan

    4,922

    4.1

    23.0

    5

    Austrailia

    4,783

    4.0

    64.7

    6

    Netherlands

    3,794

    3.2

    36.1

    7

    Singapore

    3,347

    2.8

    85.4

    8

    UK

    3,060

    2.6

    13.3

    9

    Canada

    2,764

    2.3

    49.9

    10

    Malaysia

    1,591

    1.3

    26.5

    Total

    119,086

    100.0

    36.4

    Note 1 : HS 2005991000 basis

    Note 2 : The proportion is a share in comparative relation to a whole, the growth rate is compared to the previous year, and the growth rate 50% or more is shaded.

    Source : The Korea International Trade Association

     



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