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South Korea’s Food Exports See 4.7% Growth in Early 2023

Seoul: South Korea's exports of foodstuffs and agriculture-related products increased nearly 5 percent from a year earlier in the first four months of this year, the agriculture ministry said Wednesday. Exports in the "K-Food Plus" sector expanded 4.7 percent from a year earlier to US$4.43 billion in the cited period, Agriculture Minister Song Mi-ryung announced during a Cabinet meeting. K-Food Plus is a term coined by the government to promote exports of Korean food and agricultural goods, including farm machinery and veterinary medicine.

According to Yonhap News Agency, the ministry has set an annual export target of $16 billion for the K-Food Plus sector this year. This goal is supported by the rising popularity of Korean culture, which has been a significant factor in boosting the demand for Korean food products globally. Last year, the country exported a record $13.63 billion worth of food and agriculture-related products.

Exports to the United States rose 9 percent on-year in the January-April period. Meanwhile, exports to China, the Middle East, and the European Union saw increases of 16 percent, 38 percent, and 9 percent, respectively, according to the ministry. These figures highlight the growing international demand for South Korean food and agricultural products across different regions.

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