Lotte Food Expands Can Ham Exports... First Domestic Can Ham to Achieve Export Surplus

Lotte Food canned ham displayed at Singapore NTUC Mart. (Photo by Lotte Food)

[Asia Economy Reporter Seungjin Lee] Lotte Food, which accounts for more than half of the domestic export canned ham market, has become a net exporter of canned ham for Korea as it has actively increased canned ham exports since last year.

On the 20th, Lotte Food announced that it aims to achieve 10 billion KRW in canned ham (Loss Palm, Lotte Luncheon Meat, etc.) exports this year, doubling last year's level. As Lotte Food, which accounts for more than half of domestic canned ham exports, expands further, the canned ham trade balance recorded a surplus for the first time this year.

Lotte Food has been actively exporting domestic canned ham since the end of 2019. Through close cooperation with the Ministry of Food and Drug Safety and the Ministry of Agriculture, Food and Rural Affairs, it pioneered the export route of domestic canned ham to Singapore in June last year, and additionally exported ‘Loss Palm’ made from Korean pork in March this year. From the end of June, canned ham products were also placed in about 2,000 stores of major hypermarkets in Taiwan (RT-Mart, PX Mart, SOGO Department Store). Currently, Lotte Food canned ham is exported to Singapore, Taiwan, Hong Kong, Malaysia, the Philippines, Australia, Chile, Mexico, and plans to expand to Indonesia, Thailand, Mongolia, Japan, Russia, and others in the future.

The export volume of Lotte Food’s canned ham was below 100 tons until 2018, but rapidly increased to 347 tons in 2019 and 1,111 tons in 2020. In the first half of this year, it recorded 921 tons, accounting for more than half (51%) of the total canned ham export volume (1,790 tons), leading the expansion of Korean canned ham exports.

According to Korea Customs Service data, the annual export value of canned ham, which was below 4 million USD until 2019, reached 9.4 million USD in 2020. In the first half of 2021, it already achieved 7.55 million USD, making it certain that the export value of canned ham will surpass 10 million USD for the first time this year.

As exports expanded, the canned ham trade balance recorded a surplus of 2.647 million USD. Since the 2000s, when Korea Customs Service data can be confirmed, this is the first time Korea has recorded a trade surplus in canned ham trade (first half of 2021). Especially, a surplus was maintained consecutively for five months from February to June 2021, indicating a bright outlook.

The secret to its popularity lies in Lotte Food’s excellent quality, which created Korea’s first rectangular canned ham in 1983. Compared to products mainly sold overseas, Lotte Food canned ham is praised for its higher meat content and much better taste and aroma.

A Lotte Food official said, “With the technology that created Korea’s first rectangular canned ham, we are actively pioneering the export path for Korean canned ham,” adding, “We will further expand exports with customized products for each country and contribute to establishing Korea as a powerhouse in meat processing.”

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