Makgeolli exports rise rapidly in the first two months of year
Kooksoondang, Korea’s No. 3 makgeolli maker, reported record exports in the first two months of the year.
The company on Monday said exports of makgeolli in January and February stood at $1.46 million, up 56.9 percent on year. Exports jumped as buyers expected an increase in makgeolli demand as a result of Covid-19 vaccinations and purchases by locals overseas, according to the company.
Makgeolli is an alcoholic beverage fermented from rice.
Exports to Southeast Asian countries, excluding Vietnam, jumped 201.6 percent. Exports to Vietnam were up 120.8 percent, China 74.6 percent and the United States 73 percent.
The company excludes Vietnam from the Southeast Asian market due to its rapid growth.
Fruit-flavored makgeolli was among some of the best-selling makgeolli earlier this month.
“Despite the struggles faced as a result of Covid-19, exports of traditional alcoholic beverages like Kooksoondang’s makgeolli, jumped compared to the same period last year,” said a spokesperson for the company. “The localization and development of new products, as well as the government support, helped online sales.”
Total value of makgeolli sales has been gradually rising since 2017. The figure stood at 853.6 billion won ($762 million) as of 2019, up 25 percent from 2017, according to data provided by Euromonitor International Korea.
BY JIN MIN-JI [firstname.lastname@example.org]