Hong Kong, the No. 1 promising market, exports 162% higher
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(Seoul = Yonhap News) Reporter Boram Yoon = The export of processed chicken meat in Korea reached a record high last year due to the increasing demand for home convenience food and the influence of the Korean Wave.
According to a report on the’Promising Item Artificial Intelligence (AI) Report-Chicken Processed Meat’ by the Korea International Trade Association Institute for International Trade on the 18th, Korea’s processed chicken meat exports in the past year were estimated at $21 million, up 59.5% from the previous year. This is an all-time high.
The report analyzed that “this is because the export of Samgyetang convenience meals and chicken breasts has increased significantly as the global demand for home convenience foods has increased and Hallyu has attracted attention.”
As a result of analyzing nine indicators such as gross domestic product (GDP), population, import amount, and regulations of 58 major countries, the market with the largest export potential of processed chicken meat in Korea was Hong Kong (88.9 points).
This was followed by Singapore (88.6 points), Japan (88.2 points), and the United States (86.8 points).
Hong Kong is the country with the second largest export of processed chicken meat after the United States. Last year, it exported $4.96 million, an increase of 162.4% from the previous year.
Korea’s market share continues to rise from 0.1% in 2016 to 0.4% in 2019, and its strength is that the basic tax rate for processed chicken meat is 0%.
The recent Korean Wave stars’ chicken breast diet was introduced in the Hong Kong media, and the rise in market preference for Korean chicken also had a positive effect.
The United States, which ranked fourth in the promising market, is Korea’s largest export market of processed chicken meat, accounting for 28.1% ($5.9 million) of total exports of processed chicken meat last year.
The share of Korean processed chicken meat imports in the United States is steadily rising from 0.9% in 2016 to 2.1% in 2020.
In the case of Canada, a final agreement was reached 24 years after the Korean government requested the Canadian Food Authority to import samgyetang, and last year, the first export was successful, making it on the list of promising markets.
“The recent increase in exports of processed chicken meat is the result of efforts such as launching customized products and digital marketing using Hallyu stars,” said Jeon Bo-hee, a senior researcher at the International Trade Association.
He said, “Export support should be further expanded to meet the rapidly changing consumption trend, such as increasing demand for convenience food in the home and spreading the Korean Wave.”
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2021/02/18 06:00 sent