Whisky imports hit new record in 2023

[Photo by Lee Seung-hwan]

South Korea saw a historic surge in whisky imports in 2023, while wine imports slumped back to 2020 levels at around 50,000 tons. Beer imports rebounded slightly in the past year after experiencing a steady decline since 2018, although the outlook remains uncertain due to factors such as price increases.

According to data from the Korea Customs Service on Monday, whiskey imports hit an all-time high of 30,586 tons in 2023, up 13.1 percent from 27,038 tons in 2022. The whisky import volume, which remained in the 10,000-ton range until 2021, topped 20,000 tons in 2022 and exceeded 30,000 tons in 2023.

But the import value declined to $259.57 million in 2023, down 2.7 percent from 2022. Analysts attribute the decline to young consumers, who are leading the “whisky trend,” opting for more cost-effective products rather than expensive whiskies.

In contrast, wine imports experienced a downturn, with the wine import volume at 50,542 tons in 2023, returning to the 2020 level of 54,126 tons. While the demand for wine surged during the Covid-19 pandemic, with record-breaking imports of 76,575 tons in 2021 and the level maintained in 2022 at 71,020 tons, it dropped back to the 50,000-ton range in 2023. The import value was down to $506.02 million in 2023, down 12.9 percent from 2022.

Beer imports, which had been on a downward trajectory since 2018, saw a slight increase in 2023 with the import volume at 238,695 tons, up 4.3 percent from 2022. After hitting a peak of 387,981 tons in 2018, beer imports consistently declined until a slight rebound in 2023.