The market share of Vietnamese coffee in Korea's total imports has increased, from 20.35% in the first six months of 2020 to 20.56% in the first six months of 2021. South Korean coffee import demand is expected to continue its upward trend, and Vietnamese coffee exports to South Korea usher in a new round of growth opportunities.
The Import and Export Bureau of the Ministry of Industry and Trade of Vietnam cited data from the International Trade Center showing that in the first six months of 2021, South Korea's coffee imports were 94.84 million tons, and imports amounted to US$432.4 million, an increase of 11.7% and 30.3% year-on-year respectively.
In the first six months of 2021, South Korea increased its coffee imports from most major supply markets. According to statistics, in the first six months of 2021, South Korea’s coffee imports from Vietnam were approximately 19,500 tons and 30.82 million U.S.dollars, an increase of 12.8% and 5.2% year-on-year.
The Korean tea-tasting culture has been around for a long time, and it has turned to drinking coffee in different forms. Coffee consumption in South Korea accounts for approximately 6% of the total coffee market in the Asia-Pacific region, making it one of the world's leading coffee consumer markets. In 2020 and the first few months of 2021, South Korea's coffee imports have increased because of the impact of the new crown pneumonia epidemic, and the demand for coffee consumption at home has soared.
In South Korea, the fourth wave of the new crown pneumonia epidemic is still complicated and evolving, however, the country's coffee consumption demand has not been affected by it. At the same time, despite concerns about the impact of the fourth wave of the epidemic, the International Monetary Fund (IMF) has raised South Korea’s growth forecasts for this year and 2022 to 4.3% and 3.
4%, respectively, which are higher than those expected in April 2021.3.6% and 2.8% of the total.
Therefore, Korean coffee import demand is expected to increase, and Vietnamese coffee exports to South Korea will usher in a new round of growth opportunities.
