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SEOUL, Feb. 5 (Yonhap) -- South Korea's sauce exports rose 25.8 percent year-on-year to a record $301.72 million in 2020, according to a data released Friday by the Korea Trade Association's Institute of International Trade and Trade.
sauce exports have been growing at an annual rate of 8 to 11% since 2016.
specifically, the export share of "other sauces" such as fried chicken sauce, fried rice cake sauce, grilled meat sauce and spicy fried chicken sauce was more than half, with exports increasing by 33.6% year-on-year.
Based on an assessment of artificial intelligence (AI) technology combined with nine indicators of gross domestic product (GDP), population and import growth rates in the world's major countries, South Korea's most promising export market for sauces is China (84.1 points), followed by the United States (81.6 points) and Russia (80.8 points).
Korean-made sauces are second only to the United States in terms of exports to China.
Korean sauces in China's imported sauce market also rose from 14.9% in 2016 to 24.9% in 2020, ranking first.
trade association believes that the global flow of Korean food to a certain extent to enhance the international awareness of Korean food, coupled with the outbreak of people living at home more time, easy to cook Korean sauce demand increased.
(Complete)