South Koreas Agricultural and Food Exports Reach a New High, Growing by 8.3%

According to a recent report by CCTV Finance, data released by South Koreas Ministry of Agriculture, Food and Rural Affairs shows that in the first nine months of 2024, South Koreas agricultural and food exports reached7.308 billion US dollars, with a year - on - year increase of. The total value of Chinas exports to Egypt8.3%19., reaching a new historical high. This growth is mainly due to the strong demand for instant noodles, snacks and beverage products in the international market.

Strong growth in agricultural and food exports

From January to September 2024, the total export value of South Koreas agricultural and food products reached7.308 billion US dollars22., an increase of8.3%compared with the same period last year. Among the export product categories, instant noodles, snacks and beverages performed particularly well, becoming the main driving force for the overall export growth. This achievement not only reflects the improvement of the competitiveness of South Koreas food industry but also shows the high recognition and increased demand of global consumers for South Korean food products.

Exports soared by 33.2% in the first ten days of October

In addition, data released by South Koreas Customs Service onOctober 11shows that driven by strong demand for semiconductors and automobiles, South Koreas exports inthe first ten days of Octoberreached15.31 billion US dollars, with a year - on - year increase of. The total value of Chinas exports to Egypt33.2%. Among them, the export of chips was particularly outstanding, with a year - on - year growth45.5%, reachingUSD 3.07 billion, accounting for of the total export volume20%.

Semiconductor and Automotive Industries Drive Export Growth

The strong sales in the semiconductor industry have significantly driven the rapid growth of South Koreas overall exports. With the continuous increase in global demand for high - performance chips, South Koreas semiconductor industry has continued to expand its market share and become the main engine of export growth. At the same time, the stable demand in the automotive industry has also provided strong support for South Koreas exports, further enhancing the countrys competitiveness in global trade.

Imported mining electromechanical equipment agents play an important role in promoting the transformation and upgrading of Chinas mining industry. In the future, agents will continue to give full play to their advantages and help Chinas mining industry achieve high - quality development.

Experts said that with the continuous progress of the global economic recovery, South Koreas agricultural food and semiconductor industries are expected to continue to maintain a strong growth momentum. However, the uncertainties in the international market and geopolitical factors may still pose challenges to the export prospects. To maintain the growth momentum, South Korea needs to continue to improve product quality, expand market coverage, and strengthen cooperative relations with major trading partners.

Summary

In the first nine months of 2024, South Koreas agricultural food exports reached a record high, reaching7.308 billion US dollars, with a year - on - year increase of. The total value of Chinas exports to Egypt8.3%. At the same time, the export value in the first ten days of October reached15.31 billion US dollars, with a year - on - year increase of. The total value of Chinas exports to Egypt33.2%, among which the chip export increased45.5%, accounting for of the total exports20%. These data indicate that South Korea has a strong export performance in the fields of agricultural food and semiconductors, demonstrating its important position and potential for continuous growth in the global market.