A new report has shown that South Korean exports of processed foods to China jumped around two-fold in the past five years.
According to a report released by the Korea International Trade Association’s office in Beijing on Wednesday, such exports to China surged from 300 million dollars in 2011 to 620 million dollars last year.
The products' market share in China’s market jumped from three-and-a-half percent to four-and-a-half percent during the five-year period after such exports maintained a growth of 20-point-three percent on average annually.
Exports of South Korean agri-foods, including processed foods, rose from 620 million dollars in 2011 to 830 million dollars last year.
The chief of the Beijing office, Choi Yong-min, said that under the South Korea-China free trade agreement, most South Korean agri-food products were excluded from items whose markets were set to open, while more than 90 percent of Chinese agri-food markets opened up.
He said if the release of high-quality products that are suitable to Chinese people's palettes continue, South Korea's agri-food products may be paving the way to overcome the latest slump in exports.