SEOUL, KOREA - The volume of coffee imports for the nine months of the year has hit a record-high level. According to data released by the Korea Customs Service on October 21, the total amount of imported coffee that includes raw coffee bean and roasted coffee bean (excluding processed coffee such as instant coffee) was 99,372 tons, up 18.7 percent from the same period a year ago when the figure was 83,693 tons.

 

This is more than the nine-month period between January and September of 2011 when 92,040 tons were imported. In terms of value, this is US$382 million, up 21.2 percent from the same period last year ($315.2 million).

 

By country of origin, Vietnam took the largest portion of 23,686 tons (23.8%), followed by Brazil (17.7%, 17,566 tons), Colombia (14.1%, 14,043 tons), Honduras (9.3%, 9,219 tons), and Peru (6.8%, 6,782 tons).

 

The main reason for the rise in coffee imports is the proliferation of specialty coffee shops. Another reason has to do with the increase in coffee bean imports from the United States after the Korea-U.S. free trade agreement was in effect. A coffee industry official commented, "Given major specialty coffee chains such as Starbucks and The Coffee Bean & Tea Leaf are increasing their presence in Korea, the popularity of coffee in Korea will continue for the time being."

 

Article provided by The Korea Economic Daily