Exports Hit a New High at US$75.97mn in May
South Korea’s instant noodle exports are increasing fast. Monthly exports hit an all-time high last month and the popularity is expected to continue with manufacturers increasing supply from their overseas facilities.
The Korea Customs Service announced on June 2 that Korean instant noodle exports totaled US$75.97 million last month, up 50 percent from a year earlier. Noodle exports topped US$70 million for the first time in March this year and reached a new high again in May.
The exports to China were US$21.78 million, up 105 percent year on year. Those to the other regions including the United States added up to US$54.19 million and are showing a solid growth.
Instant noodle manufacturers are expanding their overseas facilities. For example, Nongshim’s second U.S. plant located in Rancho Cucamonga, California initiated production on April 29. The plant has an annual production capacity of 350 million products and the company’s annual production capacity in the United States has increased to 850 million.
Ottogi has overseas subsidiaries in the United States, China, Vietnam and New Zealand. The company is planning to expand its business across Southeast Asia from its plant in Vietnam.