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South Korea’s Food Exports Rose to $6.2 Billion in 6 Months

A worker at a supermarket in South Korea puts bags of instant noodles on the shelves (Yonhap news agency)
A worker at a supermarket in South Korea puts bags of instant noodles on the shelves (Yonhap news agency)
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South Korea’s Food Exports Rose to $6.2 Billion in 6 Months

A worker at a supermarket in South Korea puts bags of instant noodles on the shelves (Yonhap news agency)
A worker at a supermarket in South Korea puts bags of instant noodles on the shelves (Yonhap news agency)

South Korea's exports of food and related goods rose 5.2% on-year in the first half of 2024, government data showed, led by the popularity of instant noodles and processed rice products.
The Ministry of Agriculture, Food and Rural Affairs said that outbound shipments of the food segment known as “K-Food Plus” reached $6.21 billion, compared with $5.9 billion posted a year earlier, the country’s Yonhap new agency reported on Saturday.
K-Food Plus encompasses a diverse range of food products and related items, from fresh and processed goods to agricultural equipment and solutions.
By product, exports of instant noodles jumped 32.3% to hit $590.2 million, with those of processed rice products gaining 41.4 percent to $136.9 million, the data showed.
The ministry attributed the growth in instant noodle exports to the popularity of social media content featuring spicy product challenges, as well as the release of customized products by exporters.
South Korean rice products also gained popularity, as frozen gimbap, or seaweed rice rolls, attracted significant attention in the US market as a gluten-free and healthy eating option, the ministry said.
By destination, exports to the US surged 17%, reaching $736 million, driven by increased demand due to revitalized consumer spending, a stabilizing labor market and eased inflation.
Exports to China also edged up 3.1% to $702 million, as exporters utilized online platforms and influencers to promote South Korean foodstuffs.
Shipments to Japan, on the other hand, declined by 7% during the period to $671.3 million, due to the reduced spending power of Japanese consumers, the ministry added.

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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)

Saudi Arabia has made history by uniting the 193 member states of the World Intellectual Property Organization (WIPO) to adopt the Riyadh Treaty on Design Law. This landmark achievement, realized after two decades of deliberation, underscores the Kingdom’s leadership in enhancing the global intellectual property system.

The announcement came at the conclusion of the Riyadh Diplomatic Conference on the Design Law Treaty, a rare event for WIPO, which has not held a diplomatic conference outside Geneva for more than a decade. It was also the first such event hosted in Saudi Arabia and the Middle East, representing the final stage of negotiations to establish an agreement aimed at simplifying and standardizing design protection procedures across member states.

Over the past two weeks, intensive discussions and negotiations among member states culminated in the adoption of the Riyadh Treaty, which commits signatory nations to a unified set of requirements for registering designs, ensuring consistent and streamlined procedures worldwide. The agreement is expected to have a significant positive impact on designers, enabling them to protect their creations more effectively and uniformly across international markets.

At a press conference held on Friday to mark the event’s conclusion, CEO of the Saudi Authority for Intellectual Property Abdulaziz Al-Suwailem highlighted the economic potential of the new protocol.

Responding to a question from Asharq Al-Awsat, Al-Suwailem noted the substantial contributions of young Saudi men and women in creative design. He explained that the agreement will enable their designs to be formally protected, allowing them to enter markets as valuable, tradable assets.

He also emphasized the symbolic importance of naming the convention the Riyadh Treaty, stating that it reflects Saudi Arabia’s growing influence as a bridge between cultures and a global center for innovative initiatives.

The treaty lays critical legal foundations to support designers and drive innovation worldwide, aligning with Saudi Arabia’s vision of promoting international collaboration in the creative industries and underscoring its leadership in building a sustainable future for innovators.

The agreement also advances global efforts to enhance creativity, protect intellectual property, and stimulate innovation on a broader scale.

This achievement further strengthens Saudi Arabia’s position as a global hub for groundbreaking initiatives, demonstrating its commitment to nurturing creativity, safeguarding designers’ rights, and driving the development of creative industries on an international scale.

The Riyadh Diplomatic Conference, held from November 11 to 22, was hosted by the Saudi Authority for Intellectual Property and attracted high-ranking officials and decision-makers from WIPO member states.