(MENAFN- QNA) South Korea's coffee imports are expected to reach an all-time high this year and break the previous record posted in 2011.
In the first nine-month period of 2014, coffee imports reached 99,772 tonnes, up 18.7% from the same period in 2013, according to data released by Korea Customs Service.
The volume of coffee imports during the period exceeds the record of 92,040 tonnes set in 2011. Vietnam topped coffee exports to South Korea with 23,686 tonnes, followed by Brazil (17,566 tonnes) and Colombia (14,043 tons), Honduras (9,219 tonnes) and Peru (6,782 tonnes).
By value, South Korea’s imports of coffee beans between January and September stood at around $382 Million, up more than 21%from the same period last year.
The figure, however, is smaller than the roughly $462 Million in imports posted during the same period in 2011 as prices of unroasted beans, which take up a significant portion of coffee imports, have stabilized since 2012.
Coffee imports surged as the number of coffee shop franchises have sharply grown in recent years, resulting in an increase in coffee consumption.
Imports have sharply increased also due to a drop in tariff rates following the South Korea-US free trade agreement in 2012.
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