Yonhap News Agency, Seoul, February 5th. The Korea Trade Association Institute of International Trade and Commerce released a data on the 5th, showing that the export volume of Korean sauces in 2020 increased by 25.8%year-on-year to US$30172 million, a record high.
Sauce exports have maintained an annual growth rate of 8-11%since 2016. Specifically, fried chicken sauce, fried rice cake sauce, barbecue sauce, spicy fried chicken sauce and other”other sauces” exports accounted for more than half, and the export value increased by 33.6%year-on-year.
According to artificial intelligence (AI) technology combined with nine indicators of gross domestic product (GDP), population, and import growth rate of major countries in the world, the most potential export market for Korean sauce is China (84.1 points) ), followed by the United States (81.6 points) and Russia (80.8 points). The export scale of Korean sauces to China is second only to the United States. The share of Korean sauces in China’s imported sauces market also increased from 14.9%in 2016 to 24.9%in 2020, ranking first.
The Trade Association believes that the global Korean wave has increased the international awareness of Korean food to a certain extent. Coupled with the increase in the time people spend at home during the epidemic, the demand for convenient Korean sauces has increased. (End)