South Korean exports of red pepper paste called "gochujang" soared to US$50.93 million in 2020, up 62.6 percent from 2016 and 35.2 percent from 2019, according to the Korea Agro-Fisheries & Food Trade Corp. data.
Meanwhile, outbound shipments of South Korean soybean paste "doenjang" also surged to US$11.72 million in 2020, up 44.8 percent from 2016.
The robust exports were attributed to the global popularity of Korean pop culture.
Exports of gochujang seem to have soared in recent years as more foreigners watched K-pop stars, such as BTS, and get added exposure to Korean culture on over-the-top services.
The Korean Wave generated by K-pop and TV dramas could turn fans in foreign countries into South Korean product consumers.
The US imported the most gochujang with a market share of 26.4 percent, trailed by China with 17.3 percent, and Japan with 10.3 percent.
The Philippines was the fourth top importer at 6 percent, while Canada accounted for 4.3 percent.


Canadian Dollar Outlook: Resilient Performance Driven by Oil Prices and Market Dynamics
Chinese Chip Stocks Surge on AI Boom and Domestic Tech Push
US Dollar Weakens as Iran Talks Boost Risk Appetite in Forex Market
SMC Corp Stock Surges as Palliser Capital Pushes for Major Share Buyback
Iran-Pakistan Diplomacy and Strait of Hormuz Tensions Push Oil Prices Above $100
ECB Rate Outlook: Ceasefire Eases Pressure but Hikes Still Expected in 2026
U.S.-Iran Conflict Stalls as Diplomatic Efforts Collapse and Global Oil Tensions Rise
Hyundai Plans 20 New Models in China to Boost EV Strategy and Market Share
Dollar Weakens Amid Middle East Tensions and Anticipated Central Bank Decisions
U.S. Budget Airlines Seek $2.5 Billion Government Aid Amid Rising Jet Fuel Costs
Daiichi Sankyo Stock Drops After Earnings Delay and Oncology Review
Nomura Shares Drop After Profit Miss Despite Strong Revenue Growth
Brazil Pension Fund Crackdown After Banco Master Collapse Raises Investment Concerns
Kia Cuts EV Prices in Europe as Chinese Carmakers Intensify Competition
U.S. Sanctions Target Chinese Refinery Over Iranian Oil Purchases
Chip Stocks Rally on AI Optimism as Oil Price Surge Adds Market Tension
DeepSeek Slashes AI Model Pricing to Boost Adoption and Challenge Global Rivals 



