S. Korean instant-noodle exports up sharply this year

SEOUL, Sept. 23 (Yonhap) -- South Korea's instant noodle exports shot up 26.5
percent on-year in the first seven months of this year fueled by greater overseas
demand, the state-run Agro-Fisheries Trade Corp. said Tuesday.
It said exports of the spicy processed food reached US$77.0 million in the cited
period from $6.08 million in January-July 2007.
The corporation said that at the present pace, total overseas shipments could top
$130 million this year from $115 the year before.
Instant noodles exports, which peaked at $150 million in 2004, started to decline
as manufacturers like Nong Shim started building overseas factories to better
meet local tastes and respond quickly to market demands.
Exports to China led growth by jumping 53.4 percent to $17.4 million, with
shipments to the United States and Japan reaching $11.7 million and $10.9
million, respectively.
Australia, Russia, Canada, Taiwan and Mongolia each imported between $1-5 million
worth of the instant noodles until July.
South Korea maintains a chronic agriculture deficit, with numbers reaching a
record $10.92 billion last year. Exports moved up 10.2 percent to $2.40 billion,
while imports jumped 22.6 percent to $13.32 billion.