K-food Gim Emerges as Export Powerhouse, Poised to Reach Record $1 Billion This Year

[Financial News] Korean gim is on track to surpass a record $1 billion (1.4 trillion won) in exports this year.
According to Korea Agro-Fisheries & Food Trade Corporation (aT) agri-food export data, as of the third and fourth quarters this year, gim exports totaled $882.33 million (1.2572 trillion won), up about 14.0% from $773.66 million during the same period last year.
If this trend continues, it is likely that gim exports will easily surpass the $1 billion mark this year. Compared to a decade ago in 2015, when exports stood at $222.25 million, the figure as of September this year has increased nearly fourfold.
Japan is the largest importer of Korean gim, accounting for $189.75 million. The United States follows with $183.25 million, then China with $89.2 million, and Thailand with $82.98 million.
In terms of growth rate, China led major markets with a 41.4% increase, while Japan and the United States also saw gains of 18.4% and 14.2%, respectively.
The Ministry of Oceans and Fisheries (MOF) recently analyzed that the global popularity of K-content, such as 'KPop Demon Hunters,' has boosted interest in products like gimbap and gim, leading to increased exports of related items.
Last year, gim exports totaled $997 million, just shy of the $1 billion milestone. Given the export volume and growth rate through September this year, the $1 billion mark is expected to be surpassed. MOF had previously set a target of $1 billion in gim exports by 2027, but this goal is likely to be achieved about two years ahead of schedule.
However, due to a 15% tariff imposed as a result of tariff negotiations between the United States and Korea, gim producers may be forced to raise prices, which could lead to a partial decrease in demand.
Meanwhile, MOF is leveraging the export boom to brand K-gim in a manner similar to Korean Pork or Hanwoo, and is working on international standardization of gim’s name and export specifications.
Currently, gim is referred to as 'Nori' in Japanese or 'seaweed' in English in the global market. The strategy is to standardize the name as 'Gim' to establish Korean gim as a globally recognized brand.

hwlee@fnnews.com Lee Hwan-joo Reporter