August 22, 2023 09:27
Korea's imports of coffee are expected to decline this year for the first time since 2018 as prices soar.
According to the Korea Customs Service on Monday, the country's coffee imports during the first seven months of this year declined 3.9 percent compared to the same period of 2022 to 108,752 tons. That includes roasted coffee beans, green coffee beans, capsules and instant coffee. In money terms imports fell 9.5 percent to US$646.73 million.
Coffee imports have increased every year from 158,000 tons in 2018 to 205,000 tons in 2022. The decline now is due to a drop in coffee production in Brazil and Indonesia that resulted in rising prices.
Also, the sharp increase in 2022, when coffee shops around the country reopened after lockdown, makes imports this year look smaller. Imports soared 8.2 percent last year, the biggest increase since 2016.
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