The depreciation of South Korea’s currency in relation to the U.S. dollar is motivating the nation’s food industry to emphasize export activities. Escalating costs associated with imported ingredients have exerted pressure on companies, leading them to establish manufacturing facilities overseas. Prominent firms such as Nongshim and Samyang Foods are enhancing their international production capabilities, while CJ Cheiljedang is developing facilities in Europe and the United States. Although the weakened won enhances the competitiveness of Korean exports, it simultaneously raises expenses for imported raw materials, which could result in increased prices domestically. Experts within the food industry anticipate that price increases may occur by the middle of the year.
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