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Food & Agriculture Exports Jump To New High

Sustainability Economics Politics +4 more

SOUTH KOREA - South Korea's exports of food and other agricultural products surged to a new monthly high for the year last month, largely on growing demands from Japan and China, the government commented.

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The country shipped US$654.9 million worth of food and agricultural products in November, up 15.1 per cent from the same month last year, according to the Ministry of Food, Agriculture, Forestry and Fisheries.

In the first 11 months of the year, South Korea exported $6.6 billion worth of food and agricultural products, already surpassing the $5.88 billion for the whole of 2010.

"Exports to newly emerging countries continued to grow throughout the year with exports to China growing 43.8 per cent (on-year) and the Association of Southeast Asian Nations (ASEAN) surging 38 per cent," the ministry said in a press release.

As of the end of November, the number of countries that have purchased over $100 million worth of products from South Korea this year came to 11, the largest ever in history, it added.

Exports to Japan have also grown 24 per cent so far compared to all of 2010, exceeding $2 billion for the first time since 1999, according to the ministry.

"At the current pace, the country's exports to Japan will likely reach an all-time high this year," it said.