As wine imports surge, French brands prove most lucrativeWine imports jumped during the first 10 months on growing demand for red and sparkling wines, the customs agency said yesterday.
Korea brought in $104.5 million worth of wine products during the January through October period, up 18.4 percent from a year earlier, according to a report by the Korea Customs Service. This made a total of 27.2 million bottles, up 6 percent from a year earlier. Red wine accounted for 69 percent of the total, while white and sparkling varietals accounted for 24 percent and 7 percent, respectively, the report showed.
The latest report showed red and sparkling wine imports jumped 9.9 percent and 58.3 percent on-year during the period. Imports of white wine fell 10.3 percent.
The increase is in line with fast-growing demand for wine in Korea. Wine imports as a whole have spiked 161 percent by volume in one year, or 388.5 percent in terms of their sale value. During the cited period, Korea imported its largest quantity of wine from Chile, which supplied one quarter of the total. French wine was the most lucrative, however, accounting for 32 percent of sales. Korea imported $436 million worth of alcohol last year, including wine, whiskey and beer, up 67 percent from 2001, according to the report.
More in Economy
Tapped out and hunkered down, Korea stares recession in the face
Property owners get big tax shock
Household debt keeps climbing despite gov't efforts
Career interruptions due to marriage and childbirth down 11 percent
Despite vaccine shot in the arm, credit risk remains in markets