Wine imports into South Korea decreased to 514,000 hl in 2024. In the previous year, the figure was 564,000 hl, a decline of 8.8%. The value of wine imports fell from €468m (approx. $505.4m) to €427m (approx. $461.2m) in the same period, also a decrease of 8.8%. Due to the 4% devaluation of the national currency, this corresponds to a real decline of 5%. Wine imports have been declining for the second consecutive year. These figures were presented by the Italian wine industry portal 'I numeri del vino', based on current UN Comtrade data.
Figures from South Korea are currently being watched with great interest by all wine-producing nations because its highly developed economy (ranking 14th globally for Gross Domestic Product, GDP) is considered a strong growth market for wine consumption. Some market participants hope that the East Asian country, along with nations like India or Malaysia, will be able to offset losses in China and the USA in the future. For instance, 'I numeri del vino' notes that the Republic of Korea has a per capita GDP almost three times higher than China's, and the average price per imported bottle of wine, at €8, is significantly above the €5 mark in China.
The current figures, however, now seem to significantly dampen this hope. In the long-term perspective, however, the market has grown considerably over the last decade. The value of wine imports has more than tripled since 2014. Record highs in both value and volume were then reached in 2021 and 2022; these ‘surpluses’ were reportedly worked off in 2023 and 2024, which would explain the import decline. Fundamentally, however, the Korean market is considered ‘more solid’ than the Chinese one.
Furthermore, the analysis shows that France is number one by value among wine supplier nations, with a clear lead over the USA and Italy. In terms of volume, Chile leads, ahead of Spain and France. Germany holds eighth place in the value ranking with €9m, down 5.7% compared to the previous year, but with an average annual growth of 31.8% since 2017. This compares to a volume of 9,000 hl, a year-over-year loss of 10.3%, but an average annual growth of 12% since 2017. SP
