[Asia Economy (Daejeon) Reporter Jeong Il-woong] The import value of golf equipment has reached an all-time high. This is attributed to golf being recognized as a safe outdoor sport during the COVID-19 era.
According to the Korea Customs Service on the 24th, the import value of golf equipment from January to October reached $610 million, far surpassing last year's total import value of $542 million. This is the largest import volume on record.
This is analyzed as an effect of golf being perceived as a safe outdoor sport during the spread of COVID-19. Reflecting this, the Korea Golf Course Management Association reports that the annual number of golf course users increased by 12.1%, from about 41 million in 2019 to about 46 million last year.
Furthermore, the popularity of golf is expected to continue this year, with the Korea Customs Service noting that most golf equipment has recorded its highest import value since the COVID-19 outbreak.
In particular, golf clubs show a remarkable increase in import value among all equipment. Golf clubs accounted for 63% of the total equipment import value last year, and from January to October this year, the import value has already exceeded last year's annual performance, setting a new record and leading the increase in golf equipment imports.
The largest importer of golf equipment is undoubtedly Japan. The import value of golf equipment from Japan was $244 million in 2018 (total domestic imports $449 million), $233 million in 2019 (total $472 million), $265 million in 2020 (total $542 million), and $279 million from January to October this year (total $610 million), accounting for about half of the total import value.
However, Japan's share of total imports has been declining, accounting for 54.4% in 2018, 49.3% in 2019, 48.9% last year, and 46.5% from January to October this year.
On the other hand, China, the United States, Taiwan, and Vietnam have already surpassed last year's import values from January to October, seemingly replacing Japanese golf equipment imports. In particular, Chinese-made golf club parts (56.1%), Thai-made golf balls (42.0%), and Indonesian-made golf gloves (74.7%) are becoming dominant trends.
The popularity of golf is not only a trend in South Korea but also a global phenomenon. Reflecting this, the export value of domestically produced golf equipment is also showing a sharp upward trend.
For example, from January to October, the export value of Korean-made golf equipment increased by 75.1% compared to the same period last year, with exports of other equipment such as golf simulators growing by 136.0%.
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