Customers take a close look at a collection of wines in a wine section at a local supermarket chain in Seoul. (Yonhap)
Armed with affordable price tags, Spanish and South African value wines appear to be penetrating the Korean wine market at a fast pace.
According to data from the Korea International Trade Association, imports of South African wines rose 50 percent in the first 10 months of this year, compared to the same period last year. Inbound shipments of Spanish wines also rose 20 percent in the January-October period on-year.
“A growing demand for quality wines at affordable prices amid a protracted economic slowdown has boosted the sales of Spanish and South African value wines,” a KITA official said.
The trade association found that the import prices of Spanish wines were lowest for the first 10 months of the year at $1,990 per ton. South African wines were the second cheapest as their import price stood at $2,453 per ton.
French wines were the most expensive, with their import price at $12,872 per ton. The second most expansive wines distributed in Korea came from New Zealand with import prices per ton at $9,532.
Among imported Spanish and South African wines, Korean consumers preferred sparkling wines, the agency added.
Imports of South African and Spanish sparkling wines between January and October this year rose 36.3 percent and 31.8 percent on-year, respectively.
By Seo Jee-yeon (jyseo@heraldcorp.com)
