South Korean ramen exports have shattered previous records, crossing the $100 million mark monthly for the first time, primarily propelled by the international craze for Samyang Foods’ Buldak Ramens, known globally as ‘Hot Chicken Flavor Ramen.’
Data released by the Korea Customs Service indicate that ramen exports soared to $108.6 million in April, registering a robust 46.8% increase from the same month in the previous year. This significant leap represents the most substantial year-on-year escalation since May 2022.
The international allure of Korean culture, fueled by the success of Korean entertainment, has significantly increased the appetite for Korean ramen. At the forefront of this trend, Samyang Foods has seen its noodle-snack exports climb to $211 million in just the first quarter of this year.
This pattern is part of a broader upward movement in Korean instant noodle exports, which have seen continuous yearly growth since 2015. With this momentum, industry experts are optimistic about surpassing the $1 billion mark this year, with potential to reach $1.1 billion.
The global pandemic has played a role in accentuating the popularity of instant noodles, with exports growing from $467 million in 2019. Remarkably, the first quarter of 2023 witnessed a 34.4% surge in export value from the previous year, along with a 27.5% increase in export volume.
Samyang Foods, producing exclusively within South Korea, has experienced a significant stock price boost following impressive earnings that substantially exceeded market forecasts. The company’s first quarter results this year showed consolidated sales of $285 million and an operating income of $59 million, marking increases of 57% and 235%, respectively, compared to last year. Overseas sales now make up 75% of its total sales, underscoring the brand’s expansive global reach.
This record-setting performance not only underscores the vitality of South Korea’s food sector but also reflects the transformative power of cultural exports in shaping economic landscapes and cultural perceptions worldwide.
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