Nongshim Expects Record Overseas Sales This Year
18 December, 2018
Korea's biggest instant noodle maker Nongshim expects record overseas sales this year.
Nongshim on Monday estimated that its overseas sales for this year will amount to US$760 million, up a whopping 18 percent from last year (US$1=W1,132).
All overseas branches including Japan and the U.S. achieved record sales. The biggest were in China with $280 million, followed by $225 million in the U.S., $59 million in Japan, and $21 million in Australia.
It exported products worth $175 million to other parts of the world. Instant noodles accounted for 80 percent of overseas sales at $600 million.
Since it started exporting instant noodles to the U.S. in 1971, the company has built five factories outside Korea including in Los Angeles, Shanghai and Shenyang.
Nongshim's sales in the U.S. market are expected to rise 12 percent this year due to aggressive promotions through large chain stores like Walmart and Costco. It became the first Korean food maker to strike a direct deal with Walmart in 2013 and has been selling its products in all 4,692 Walmart stores across the U.S. since June.
Sales in China, which dropped by 10 percent last year due to an unofficial boycott of Korean goods, are expected to rebound by 23 percent to $280 million this year.
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