Discount stores see imported beer sales surge after FTA

Home > Business > Economy

print dictionary print

Discount stores see imported beer sales surge after FTA


Sales of imported beer in Korea surged at the beginning of this year following the implementation of the country’s free trade deal with the European Union, industry data showed yesterday.

According to E-Mart, Korea’s leading retail outlet, sales of foreign beers from Jan. 1 to Feb. 13 soared 56.2 percent compared to the same period last year, outpacing sales of local beers, which fell 3.2 percent, and soju, a traditional distilled beverage, which edged down 0.1 percent.

E-Mart said it sells around 200 different foreign beers.

Lotte Mart, the third-largest discount chain store, said its sales of imported beer grew 4.6 percent over the same period, while sales of other alcoholic beverages such as domestic beer and wine shrank slightly.

As a result, sales of overall alcoholic beverage sales dropped 4.7 percent on-year, according to Lotte Mart.

Market watchers said Korean retailers are increasing imports of European beers as the recent FTA between the two sides is set to phase out tariffs on European beers within seven years. The FTA took effect last July 1.

More in Economy

Better to give property than to receive a big tax bill

Border restrictions drastically cut North Korea's trade

Central bank holds rates steady, adjusts up GDP forecast

Restaurant coupons to make a comeback as an app

[INTERVIEW] Korea Forest Service head sees huge opportunity in Indonesia

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now