Korean Rice Cakes and Instant Rice Gain Popularity... Rice Processed Food Export Value Hits Record High

Ministry of Agriculture, Food and Rural Affairs Announces Export Statistics Results

[Sejong=Asia Economy Reporter Kim Hyunjung] As Korean-style rice cakes and instant rice gain popularity overseas, the export value of rice processed products reached an all-time high last year.

On the 10th, the Ministry of Agriculture, Food and Rural Affairs announced that the export value of rice processed products (provisional) last year reached $137.6 million, a 26.9% increase compared to the previous year, achieving the highest level ever. Related export values have shown an increasing trend every year, with $89.3 million in 2018 and $108.4 million in 2019.

The ministry analyzed that the expansion of the rice processed food market due to increased demand for convenience foods and the government's active support for overseas market entry contributed to this growth. In particular, the export value of rice cakes, including Tteokbokki, increased by 56.7% to $53.8 million compared to the previous year, which is attributed to the spread of Hallyu culture and expanded consumption mainly in Asian markets such as Japan and China.

Additionally, the export value of processed rice products such as frozen fried rice and instant rice increased by 32.2% to $45.9 million compared to last year. This is believed to be due to increased demand for home meal replacements (HMR) in markets like the United States amid the impact of the novel coronavirus (COVID-19).

Looking at export values by country, the United States recorded $55.3 million, a sharp increase of 53.3% compared to the previous year; China rose 11.1% to $8.9 million; and Japan increased 5.6% to $17 million. In contrast, Vietnam saw a 9.8% decrease compared to last year, totaling $12.7 million.

Jiseonghun, Director of the Food Industry Division at the Ministry of Agriculture, Food and Rural Affairs, stated, "The increase in rice processed product exports plays an important role in stably maintaining the domestic production base by expanding the demand base for rice." He added, "The government will actively promote multifaceted support such as stable raw material supply and marketing and publicity for companies entering overseas markets to further expand the continuously growing rice processed product exports."

This content was produced with the assistance of AI translation services.