Republic of Korea: Wine Market 2023

Wine Exports

Exports from Republic of Korea

In 2022, overseas shipments of wine and grape must were finally on the rise to reach X litres after two years of decline. Overall, exports saw a significant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, wine exports skyrocketed to $X in 2022. Over the period under review, exports saw a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X litres) was the main destination for wine exports from South Korea, accounting for a 42% share of total exports. Moreover, wine exports to the United States exceeded the volume sent to the second major destination, the United Arab Emirates (X litres), more than tenfold. The third position in this ranking was taken by Vietnam (X litres), with a 2.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at +107.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+30.9% per year) and Vietnam (+60.3% per year).

In value terms, the United States ($X) remains the key foreign market for wine and grape must exports from South Korea, comprising 35% of total exports. The second position in the ranking was held by Vietnam ($X), with a 4.1% share of total exports. It was followed by Hong Kong SAR, with a 3.5% share.

From 2012 to 2022, the average annual growth rate of value to the United States totaled +78.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+77.8% per year) and Hong Kong SAR (+52.8% per year).

Export Prices by Country

The average wine export price stood at $X per litre in 2022, which is down by -12.4% against the previous year. In general, the export price continues to indicate a deep slump. The most prominent rate of growth was recorded in 2014 an increase of 31% against the previous year. As a result, the export price reached the peak level of $X per litre. From 2015 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per litre), while the average price for exports to the United States ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Nigeria (+11.1%), while the prices for the other major destinations experienced more modest paces of growth.

Wine Imports

Imports into Republic of Korea

In 2022, approx. X litres of wine and grape must were imported into South Korea; increasing by 4.1% against 2021. Over the period under review, imports enjoyed a resilient expansion. The pace of growth was the most pronounced in 2021 with an increase of 40% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

In value terms, wine imports stood at $X in 2022. Overall, imports enjoyed a strong expansion. The growth pace was the most rapid in 2021 when imports increased by 69%. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

Chile (X litres), Spain (X litres) and France (X litres) were the main suppliers of wine imports to South Korea, with a combined 28% share of total imports. These countries were followed by Italy, the United States, Australia, Argentina and South Africa, which together accounted for a further 17%.

From 2012 to 2022, the biggest increases were recorded for Argentina (with a CAGR of +16.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, France ($X), the United States ($X) and Italy ($X) constituted the largest wine suppliers to South Korea, together accounting for 29% of total imports.

Among the main suppliers, the United States, with a CAGR of +18.4%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average wine import price stood at $X per litre in 2022, remaining stable against the previous year. In general, import price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, wine import price increased by +8.9% against 2018 indices. The most prominent rate of growth was recorded in 2018 an increase of 34% against the previous year. Over the period under review, average import prices reached the maximum in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was France ($X per litre), while the price for Spain ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+9.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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