Golf Equipment Import Value Surpasses "1 Trillion Won"

Last Year 1.1331 Trillion KRW, 42.7% Surge Compared to Previous Year
Accounts for 49.8% of Total Trade Deficit in Japan-related Goods

The import value of golf equipment in South Korea has expanded to an all-time high.

According to the recently published "Leisure White Paper 2023" by the Korea Leisure Industry Institute, last year's import value of golf equipment was recorded at 1.1331 trillion KRW, a sharp increase of 42.7% compared to the previous year. This marks the first time the import value has surpassed 1 trillion KRW. The import value of golf equipment reached 877.1 million USD last year, up 26.4% from the previous year, while the export value of golf equipment was 119.83 million USD, increasing by only 13.0%. The Korea Leisure Industry Institute analyzed that "the rapid increase in the golf population, mainly among people in their 20s and 30s, combined with the influx of pent-up demand due to the global supply shortage and the supply of new products from golf brands, contributed to this growth."

Last year, the import value of golf equipment surpassed 1 trillion won for the first time in history.

The trade deficit in golf equipment reached 757.27 million USD last year, increasing by 28.8% compared to 2021. In particular, the trade deficit for golf clubs increased by 31.3% from the previous year to 611.64 million USD, accounting for 80.8% of the total golf equipment trade deficit. The trade deficit in golf equipment with Japan hit a record high of 377.18 million USD. The import value of golf clubs from Japan was 361.82 million USD, representing 90.1% of the total imports from Japan. The trade deficit in golf equipment with Japan was 222.96 million USD in 2019 and 320.31 million USD in 2021.

The Korea Leisure Industry Institute explained, "The expanding trade deficit reflects the weakening quality competitiveness of domestic products, low brand image, and cheap foreign products," adding, "The preference of domestic golfers for Japanese products over domestic ones is also a factor driving the import of golf equipment." Director Seo Cheon-beom emphasized, "Although it is inevitable that domestic golfers prefer Japanese golf equipment, efforts to improve the quality of domestic golf equipment and enhance brand image are urgently needed."