Last month, data revealed that South Korea's exports of instant noodles exceeded the $100 million mark for the first time, driven by the increasing popularity of Korean culture and cuisine. According to the Korea Customs Service (KCS), exports of instant noodles, known as "ramyeon" in Korean, surged by 46.8 per cent year-on-year to USD 108.6 million in April, marking the fastest growth rate since May 2022.
This milestone represents a significant achievement as it's the first time monthly exports have surpassed USD 100 million, as reported by the Yonhap news agency. The continuous rise in ramyeon exports since 2015 is attributed to the global appeal of Korean movies, dramas and music, along with the growing demand for convenient, affordable food options amid inflation.
In 2023, ramyeon exports reached a record high of USD 952 million, soaring by 24.4 per cent compared to the previous year. The Korea Customs Service anticipates that exports will exceed USD 1 billion this year.
Samyang Foods Co., a leading South Korean instant noodle manufacturer, experienced a substantial increase in sales during the first quarter. Their revenue surged by 57 per cent year-on-year to 385.7 billion won (USD 284.5 million). The company attributed this growth to an 85 per cent rise in overseas revenue, particularly driven by the popularity of the carbonara flavour of their famous spicy instant noodle product, Buldak Ramen.
Overseas markets accounted for 75 per cent of Samyang's total sales in the first quarter, indicating the significant global demand for Korean instant noodles.
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