A new high!
South Korea's kimchi imports will increase by 20% annually in 2022.
(Schematic, European News Agency)
[Financial Channel/Comprehensive Report] Inspired by the rise in the price of domestically produced kimchi raw materials, according to data released by the South Korean Customs Service (Customs) on the 25th, South Korea’s kimchi imports will increase by 20.4% annually in 2022, reaching US$169.4 million, a record high.
As for South Korea’s kimchi exports last year, it was US$140.82 million, a year-on-year decrease of 11.9%. It was the first recession in seven years; driven by the increase in imports, last year’s kimchi trade deficit was as high as US$28.58 million, the largest deficit since 2018.
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Yonhap News Agency reported that the import value of kimchi in 2019 was 130 million US dollars, and it will increase to 150 million US dollars by 2020. However, in 2021, due to the exposure of a video disclosing that the hygiene of a Chinese kimchi factory is not up to standard, the import value of that year was reduced to 140 million US dollars. , and in 2022 it will rebound to $169.4 million, an increase of 20.4%.
According to the analysis, this is because last year’s rise in the price of kimchi raw materials pushed up the price of domestic kimchi, which led to an increase in demand for relatively cheap imported kimchi.
Imported kimchi last year was US$643 per ton, which was only 18.8% of the export kimchi ($3,425).
As for the export value of kimchi, after the outbreak of the new crown epidemic, the reputation of South Korean kimchi for improving immunity pushed up exports, and reached a new high of 159.92 million U.S. dollars in 2021. However, as the new crown epidemic stabilized last year, the export value of kimchi decreased to 140.82 million US dollars, an annual decrease of 11.9%, the first recession after 7 years.
In terms of export destinations, exports to Japan were US$61 million, ranking first, followed by the United States (US$29.11 million), Hong Kong (US$7.27 million), the Netherlands (US$6.43 million), and Australia (US$5.88 million). ), Taiwan ($5.49 million), the United Kingdom ($5.31 million), etc.
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