Oil Prices Drop as Middle East Supply Recovery Eases Market Concerns 
South Korea’s KOSPI Rebounds as Samsung and SK Hynix Lead Tech Stock Recovery 
Micron Stock Surges on Strong AI Demand, Record Revenue, and Bullish Q4 Forecast 
South Korea Remains MSCI Emerging Market Despite Reform Progress 
Bessent Says U.S. Must Strengthen Supply Chains and Economic Security 
Kioxia Targets U.S. Listing as AI Chip Boom Accelerates 
SpaceX Eyes Starlink Mobile Phone Service to Challenge Verizon, AT&T, and T-Mobile 
Bank Regulation Rollbacks in the U.S. and UK Could Increase Financial Risks, Study Warns 
White House Seeks $87.6 Billion Emergency Funding for Iran War, Farmers, and Ebola Response 
BOJ Hawk Signals Faster Interest Rate Hikes Amid Inflation Risks 
Asian Currencies Trade Mixed as Yen Hovers Near 40-Year Low, Dollar Holds Firm on Fed Outlook 
Alphabet Replaces Verizon in Dow Jones Industrial Average 
Nomura Stock Upgraded to Buy by BofA as Stronger ROE and Earnings Growth Boost Outlook 
Gold Prices Rise Above $4,000 as Inflation Data and Weaker Dollar Boost Demand 
Doncasters Raises $919 Million in NYSE IPO as Aerospace Growth Accelerates 
SpaceX Stock Rebounds After Sharp Selloff, But Valuation Concerns Persist 
Oil Prices Slip as Iran Sanctions Relief and Hormuz Shipping Recovery Ease Supply Concerns 
Kimchi, the favorite side dish of Koreans, is getting more popular as the interest in it continues to grow around the world. The popularity was also attributed to the boom in K-food, leading to the spike in demand in the United States and other countries.
According to The Korea Economic Daily, the exports of kimchi to the U.S. has been soaring steadily and have now hit $26.7 million worth which is a record high this year. The total number of kimchi exports was recorded from January to November, and the result was a lot higher compared to the same period in the previous years.
South Korea’s Ministry of Agriculture, Food and Rural Affairs revealed on Monday, Dec. 5, that shipments of kimchi increased by 1.7% on-year from January to November of 2021. Based on volume, exports of the fermented cabbage side dish surged 9.2% from the previous year, and this is equivalent to 7,991 tons.
The MAFRA said that the continued interest in the health benefits of the consumption of kimchi is one reason for the surge in exports. The overall rising interest and popularity of Korean food also played a big role in the boosted demand. As proof of kimchi’s high demand and acceptance in the U.S., four states - Washington, D.C., New York, California, and Virginia have designated Nov. 22 as Kimchi Day in their territories.
Meanwhile, CJ CheilJedang, the maker of the Bibigo kimchi brand, is bringing the product to Europe. The leading food processing firm in S. Korea announced on Monday it has launched its Bibigo-branded sliced kimchi for export in Europe. The company said this has an expiry date of up to one year when stored at room temperature.
CJ CheilJedang revealed it took out the fermented fish ingredient in the kimchi for Europe in consideration to the taste of foreign consumers. The company also used fermentation control technology so the kimchi could maintain the right level of ripening until it lands at the export destination.
Finally, starting this month, CJ CheilJedang will sell its kimchi and other products to the U.K., Germany, Italy, France, and Austria. It is also planning to launch these same products in the Middle East, South American nations, Malaysia, and Oceania in the near future.
Photo by: Portuguese Gravity/Unsplash
