It has already set new milestones for GIM (Korean Seaweed Snack) exports in October this year, surpassing last year's record.
According to the Fisheries Observation Center of the S. Korea Maritime Institute on October 17, GIM exports reached 62 million packs (a pack in which has 100 GIM papers) by October this year, which is an increase of 18.6%, compared to the same period of the previous year.
This is a new record set, which still has two months left by the end of this year, and 4.7% higher than the last year's record of highest export amount.
Source: S.Korea Maritime Institute
By month, exports in all months were higher than the previous years and all the monthly exports except March and June have increased, compared to the last year.
In terms of export value, $495 million (about 573 billion won) was exported by October this year, which is an increase of 6.4% over the same period last year.
Last year, GIM exports amounted to $ 528 million (approximately 618 billion won), and according to the current trends, it suggests that this year's exports will be a record high.
The center analyzed that as a result of this year's slump in GIM production in China and Japan, the demand for S. Korean GIM has increased, and in recent years, S. Korean GIM production has significantly increased so that the quantity has been smoothly secured for export.
In fact, if you look at the export target countries of S. Korean GIM this year, China has risen to become the highest demanding country with 1.34 million packs, accounting for 21.6% of the total exports.
Last year alone, China was the fourth largest importer of S. Korean GIM after Thailand, Japan and the United States, but imports have more than doubled this year.
Following China, Japan accounted for 1.32 million packs, which accounted for 21.2%, followed by Thailand at 1.11 million packs (19%), the United States with 9.07 million packs (14.5%), and Taiwan with 3.71 million packs (5.9%).
However, the center stated that, despite the record high of export value, its increase was smaller than the export volume, which means that the unit price of average export for this year has been formed lower than the last year. "
The center suggests that it would be necessary to adjust production volumes in order to prevent overproduction so then be able to maintain an appropriate level of export unit price in the future.
The center said, "The central government and local municipal governments must enforce stronger restrictions on illegal facilities that directly cause overproduction." We have to make an autonomous demand-supply adjustment effort."
In particular, "This year's boom is the reflection effect of sluggish production in China and Japan. "We need to prepare strategies for differentiated premium product developments and customized marketing for the export stability of securing demands and expanding to new customers."
Source: YTN News
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