In 2023, the volume of kimchi exports turned to growth, reaching a new record high. The global K-content craze had an impact on the increase in kimchi exports, experts say.
According to the Korea Customs Service on Jan. 21, South Korea exported 44,041 tons of kimchi in 2023, up 7.1% from 41,118 tons the previous year, reaching a record high. The previous record was 42,544 tons in 2021. The value of kimchi exports during the same period was US$155.61 million, up 10.5% from the previous year’s US$140.82 million. However, it did not reach the previous record of US$159.9915 million set in 2021.
Last year, a total of 92 countries imported kimchi from Korea, logging the highest number on record. Japan was the largest importer of Korean kimchi, followed by the United States. The value of exports to these two countries alone exceeded US$100 million, accounting for 65% of the total. Korean kimchi exports to the United States reached more than 10,000 tons and those to Japan more than 20,000 tons. The Netherlands, Australia and the United Kingdom round out the top five in terms of kimchi export amounts. Taiwan and Hong Kong, which until recently ranked third and fourth, dropped out of the top five in the standings.
On the other hand, the value of Korea’s kimchi imports stood at US$163.58 million in 2023, down 3.4% from the previous year.
The increase in Korea’s kimchi exports and decrease in Korea’s kimchi imports resulted in a US$7.95 million deficit in the kimchi trade balance with the deficit contracting by more than US$20 million from the previous year’s US$28.584 million. The value of Korea’s kimchi imports swelled by 20.4% in 2022, but declined last year. In 2023, Korea’s kimchi imports amounted to 286,545 tons, up 8.8% from 263,435 tons the previous year. This is explained by the choice of imported kimchi (made in China) instead of relatively expensive domestic kimchi. Experts say that more Korean consumers chose imported kimchi made in China instead of relatively expensive kimchi made in Korea due to high inflation in 2023.
Major Korean kimchi exporters included Daesang, CJ CheilJedang, Pulmuone, and others, with Daesang’s share of closing kimchi exceeding 50% in 2023. It is expected to reach 50% by 2022, up from 38% in 2018; it accounted for 53% last year. Daesang Jongga Kimchi exports rose 16.8% to US$83 million, a record high in 2023.