SEOUL, Nov. 22 (Yonhap) – South Korean whiskey imports soared more than 70% in the first 10 months of the year as more people drank at home amid the coronavirus pandemic, data showed on Monday.
The value of whiskey imports rose to $ 93.21 million between January and October, up 73.1% from the previous year, according to data from Korea Customs and Industry. local alcohols.
This is the first annual increase in the country’s whiskey imports since 2014.
Industry sources attributed the increase to an increasing number of people drinking at home amid the COVID-19 pandemic.
South Korea’s whiskey imports have been on slippage since peaking at $ 264.6 million in 2007.
The slowdown followed the implementation of the country’s draconian anti-corruption law in 2016 and a 52-hour workweek in 2018. Strict social distancing measures were also responsible, as many bars in Seoul have been forced to close.
The surge in South Korean whiskey imports has enabled local subsidiaries of foreign whiskey manufacturers to perform much better this year.
Pernod Ricard Korea also saw its revenue soar 31.6% year-on-year to 120.5 billion won ($ 101 million) in fiscal 2020 (July 2020-June 2021), with a operating profit up 66.9% to 26.9 billion won.
Sales of Diageo Korea Co., the South Korean subsidiary of UK alcoholic beverage company Diageo Plc, edged down 3.6% to $ 193.3 billion in the same fiscal year, but operating income climbed by 85% to 37 billion won.