SEOUL, Oct. 11 (Korea Bizwire) – Data from the Korea Customs Service reveals a surge in alcohol imports, resulting in a doubled trade deficit in the sector over four years. Imported alcoholic beverages, such as beer and whiskey, reached $1.62 billion in 2022, marking a 54% increase from 2018.
Notably, it highlights that exports of domestic high-end liquor are sluggish compared to the growing preference of domestic consumers for high-end liquor from overseas.
A shopper chooses whiskey products at a supermarket in Seoul on Sept. 11, 2023. (Yonhap)
Last year, the average price per liter of imported liquor was $1,989, which is 80 percent higher than the average price of domestically exported liquor ($1,104).
(image: Pixabay)
In contrast, exports of domestic alcoholic products only increased by 2%. This increasing preference for foreign high-end liquor is affecting the trade balance, resulting in a $1.2 billion deficit last year, nearly doubling the 2018 deficit.
Image credit: Yonhap, Pixabay / photonews@koreabizwire.com
