NEWS
SOUTH KOREA'S WINE IMPORTS HIT ALL-TIME-HIGH AT USD581M IN 2022
By Susan Lewis
19-1-2023
Source: E-Mart24
South Korea’s wine imports hit an all-time high in 2022. Statistics from Korea Customs Service showed that the country imported WON716.2 billion (USD581.27m) worth of wine in 2022, up 3.83 percent from the previous year.
However, wine imports by volume fell by 7.25 percent from 76,515 tons to 71,020 tons, indicating that imports of premium wines have increased.
South Korea’s wine imports rose rapidly in recent years. Import value was USD260m in 2019, it rose to USD330m in 2020 and topped USD500m in 2021.
By country, France was the largest exporter with USD130.3m, followed by the USA (USD95.86m), Italy (USD71.17m), Chile (USD65.11m) and Australia (USD29.67m).
Sparkling wine imports from France and Italy also ranked high. French sparkling wine imports stood at USD71.75m and Italian at USD14.35m.
Meanwhile, South Korea’s whisky imports continued to improve last year, the trade grew in both volume and value.
In 2022, a total of USD266.81m worth of whiskies including Scotch, Bourbon and Rye were imported, up 52.1 percent from USD175.34m in 2021.
By volume, whisky imports rose by 72.6 percent from 15,661 tons to 27,038 tons.
Despite last year’s speedy recovery, the value of South Korea’s whisky imports is still lower than the USD270.29 million recorded in 2007.
The trade started to decline in 2008, it fell to USD132.46m in 2020, only started to recover in 2021 with a 32.4 percent increase.
(the writer can be contacted at: info@thewinechronicle.com)
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