SEOUL, Jan. 23 (Korea Bizwire) — Beer imports in South Korea declined last year for the first time in a decade, a phenomenon not seen since the 2009 global financial crisis.
Analysts say beer imports, which recently peaked in terms of growth, showed signs of falling. Adding to the symptom of decline was a boycott against goods and services from Japan.
The boycott decisively dragged down imports last summer as demand for Japanese beer plummeted.
According to the Korea Customs Service’s trade statistics and the liquor industry, beer imports amounted to $288.8 million last year, down from US$396.8 million a year earlier.
In 2018, South Korea imported $78.3 million worth of Japanese beer, which was higher than imports from China ($40.91 million) and Belgium ($36.18 million) combined.
However, imports of beer from Japan dropped 49.2 percent to $39.76 million last year, giving up the top spot to China, which accounted for $43.46 million and was closely followed by Belgium, which accounted for $38.62 million.
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