Development of Coffee in Korea South Korea imported nearly 140000 tons of coffee in 2014

Although South Korea's economy is still in the doldrums and consumption is shrinking, South Korea's coffee imports hit an all-time high in 2014, according to statistics released by the South Korean Customs Agency on the 29th.

Data show that South Korea imported 139764 tons of coffee in 2014, an increase of 14.8 percent over the previous year, and imports of US $595.415 million, an increase of 18.2 percent over the previous year. Coffee imports are at an all-time high, the highest since hitting $718.93 million in 2011.

In 2010, South Korea imported 117721 tons of coffee, with a value of US $418.142 million; in 2011, it imported 13.0733 tons, with an import value of US $718.93 million; in 2012, it imported 115374 tons, with an import value of US $5985.4 million; and in 2013 and 2014, it imported 121,707 tons and 139,764 tons, respectively. After the surge in coffee bean prices in 2011, South Korean coffee imports temporarily shrank, and then returned to the growth trend.

South Korea's coffee imports are growing mainly because of strong domestic demand. In recent years, South Korean coffee shops have sprung up like bamboo shoots after a spring rain. For professionals, having a cup of coffee after a meal has become a fixed formula. In addition, the decline in the price of coffee beans produced in the United States after the entry into force of the Korea-US Free Trade Agreement (FTA) is also a reason for the increase in South Korean imports.

In addition, according to a report released by the Ministry of Agriculture, Forestry and Animal products and the Agricultural and Aquatic Food Circulation Community (aT) on January 16, the single type of food that South Koreans consume most frequently is coffee, which is consumed 12.3 times a week, even surpassing the country's "national food", cabbage and kimchi (11.8 times). Thanks to South Korea's love of coffee, South Korea produced 650000 tons of coffee from imported beans in 2013, an increase of 63% over 2009, with a production of 1.6545 trillion won (9.52 billion yuan), an increase of 92% in five years. Although there are no official statistics on coffee production in 2014, South Korea's coffee production and production will also increase in terms of the increase in coffee bean imports.

An industry insider said that in addition to coffee shops, bakeries and fast food restaurants have recently adopted advanced and popular strategies to actively attract consumers. According to the current trend, the Korean coffee market will continue to grow for some time to come. (end)