Whiskey Import Volume Hits Record High... "Will a New History Be Made This Year?"

Import Volume of 14,169 Tons This Year... 56% Increase Compared to Last Year

Record High as of May Cumulative
Enhanced by Storage Stability and Highball Culture

The domestic whiskey import volume is breaking all-time records and entering a new golden age. Whiskey, which was once perceived as "old-fashioned," has risen to become the leading alcoholic beverage in the era of home drinking and solo drinking, leveraging its excellent storability after COVID-19. Recently, it has solidified its position in the liquor market by riding the highball trend and adding a hip image.

According to the Korea Customs Service export-import trade statistics on the 19th, as of May this year, the import volume of whiskey such as Scotch, Bourbon, and Rye reached 14,169 tons, a 56.3% increase compared to the same period last year (9,065 tons). This is the highest volume ever recorded for May since related statistics began in 2000, surpassing the 11,822 tons imported in 2003, breaking a 20-year record. The import value also reached an all-time high. As of May this year, whiskey worth 109.55 million USD (approximately 139.2 billion KRW) was imported, a 12.0% increase from the same period last year (97.79 million USD). This is the largest amount in 15 years since 121.63 million USD worth was imported in 2008.

The domestic whiskey market had been shrinking due to the introduction of a five-day workweek and a 52-hour workweek, as well as the implementation of the Improper Solicitation and Graft Act (Kim Young-ran Act) in 2016, and the import volume steadily declined below 10,000 tons after 10,595 tons in 2008. However, it regained attention amid the COVID-19 pandemic and rebounded, now heading toward an all-time high this year.

Sales are increasing rapidly in line with the rising import volume. As of the end of May this year, Emart's sales of single malt and blended whiskey increased by 29.0% and 20.2%, respectively, compared to the same period last year. In particular, single malt whiskey sales growth rates have been rising monthly: 7.0% in January-February, 22.4% in March, 69.4% in April, and 70.9% in May. An Emart representative explained, "Recently, demand for single malt whiskey, which reflects the distillery's unique character, has been continuously increasing compared to traditionally popular blended whiskey," adding, "Single malt whiskeys such as Balvenie, Macallan, Glenfiddich, and Glenfarclas are leading overall sales growth."

The excellent storability of whiskey has played a significant role in its rise as a leading alcoholic beverage, breaking all-time import records. Whiskey, with its high alcohol content of over 40%, is easy to store for a long time even after opening. In a drinking culture where home drinking and solo drinking have become established, the advantage of being able to savor it slowly over a long period is a competitive edge compared to other types of alcohol. As a result, some consumers perceive whiskey, which is considered a premium liquor, as a "cost-effective" alcoholic beverage.

Additionally, the recently popular highball trend is accelerating whiskey consumption. Highballs, made by mixing distilled spirits with soda water, offer a refreshing taste and affordable price, making them easy to access. They can be easily and diversely prepared at home according to personal style, captivating various consumers and establishing themselves as a new drinking culture. Whiskey companies and distribution channels are actively utilizing the highball trend in marketing by launching various highball-specific packages.

Meanwhile, wine, which was at the center of the craze until last year, appears to be losing momentum. As of May this year, wine imports totaled 26,176 tons, an 11.4% decrease compared to the same period last year (29,532 tons), and the import value dropped 9.1% to 228.35 million USD (approximately 291.1 billion KRW) from 251.08 million USD in the previous year. As the wine market slows, major wine importers are diversifying their portfolios by entering the whiskey import market. Kumyang International introduced the bourbon whiskey "Old Virginia" earlier this year, and Ayang FBC launched the French single malt whiskey "Bren" last month. Shinsegae L&B has also been steadily expanding the lineup of "Evan Williams" and "Matsui," which debuted in 2021.