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THE INTELLIGENCE


K-Wave boosts Korean food exports


With the immense popularity of BTS, the South Korean boy band and the massive following for K-dramas on Netflix, K-Wave has overtaken the world. The rising popularity of all things Korean is credited for the 7.7% increase in South Korea’s agri-food exports. With the popularity of Korean fried chicken, it’s no surprise that processed chicken rose by 59.5% to US$21m, an all-time high. Exports of Korean condiments such as gochujang rose by more than 25%. The Korean International Trade Association (KITA) credits the increase in exports to the rise in Korean pop culture. The


craving for Korean music and K-dramas has transformed into a craving for Korean food such as tteokbokki rice cakes, Korean fried chicken, spicy instant noodles and dumplings. The US is South Korea’s largest market for chicken with shipments last year reaching US$5.9m, accounting for 28.1% of the total chicken exports. Hong Kong ranked second largest export market at US$4.96m, with Japan at third, taking 22.7% of its exports. Kimchi, the traditional Korean food also reached an all-time high last year. The fermented spicy dish is now recognized for its health benefits.


Australia’s unicorn vintage


While 2021 has not been a good year for the restaurant industry in Australia, with numerous lockdowns, it is a different story for the wine industry. The past two years have been challenging with poor weather conditions, droughts, bushfires, flooding and frost. Wine Australia, the research and regulatory body published its National Vintage Report. It called 2021 a “unicorn” vintage with its near perfect growing and ripening conditions, across most states and regions. The result is the largest recorded crop, a whopping 2.03 million tonnes. Shiraz production was up by 41% at a record 538,402 tonnes. Spanish variety Mourvèdre took the largest increase in red production at 96% to 9,552 tonnes. On the white front, the prosecco rose by 53%. With the stellar unicorn vintage and China’s punishing tariffs, wine companies are expected to target new domestic and international markets. If wineries are left with significant volume of this year’s vintage it may drive down prices for the 2022 vintage. The biggest winners this year are the Australian wine drinkers who will have more excellent quality wines coming out of this year’s prolific vintage. They will also have access to wines that would have otherwise been exported to China.


For more go to fcsi.org 31


ASIA PAC


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