The worth of the imports amounted to $93.21 million within the January-October interval, up 73.1 per cent from a 12 months earlier, Yonhap News Agency quoted information from the Korea Customs Service and the native liquor business as saying.
It represents the primary on-12 months enhance within the nation’s whiskey imports since 2014.
Industry sources attributed the surge to the truth that a rising variety of individuals have been consuming at residence amid the pandemic and the next lockdowns.
South Korea’s whiskey imports had been on the downturn since peaking at $264.6 million in 2007.
The downturn adopted the implementation of the nation’s draconian anti-graft legislation in 2016 and a 52-hour workweek in 2018.
Tough social distancing measures have been additionally accountable as many bars in Seoul have been compelled to close down.
The jump within the imports thus helped international whiskey makers’ native subsidiaries carry out much better this 12 months.
Pernod Ricard Korea additionally noticed its turnover spike 31.6 per cent on-12 months to $101 million in fiscal 2020 (July 2020-June 2021), with its working revenue capturing up 66.9 per cent.
Sales of Diageo Korea Co., the South Korean unit of British alcoholic beverage firm Diageo Plc, edged down 3.6 per cent in the identical fiscal 12 months, however its working revenue soared 85 per cent.