Prices of wine dropped 22.4 percent on average since the free trade agreements with EU and the U.S. came into effect, much more than the tariff reduction of 15 percent, the Korea Wines and Spirits Importers Association said Tuesday.
The association in late May surveyed the prices of 50 wines in supermarkets and department stores and compared them with the prices before the FTAs went into effect.
Among European wines, the prices of 25 out of 28 went down 25.4 percent on average, and out of six American wines, the prices of five dropped 28.5 percent. As for Chilean wine, the prices of 13 out of 16 dropped 27.8 percent on average.
The prices of seven wines remained the same.
The association attributed this to the increased import price due to a poor grape crop in the area of production, or to remaining inventories imported before the FTA came into effect.