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Exports of alcoholic beverages continue to decline on weak yen

By Park Sae-jin Posted : April 16, 2013, 10:59 Updated : April 16, 2013, 10:59
Exports of South Korean alcoholic beverages dropped for the second consecutive month in March, largely because of the protracted weak yen, the Ministry of Agriculture, Food and Rural Affairs reported.

According to the report released on Sunday, exports of soju, a traditional distilled liquor, and makgeolli, a traditional rice wine, reached $9.5 million and $1.7 million last month, down 11 percent and 50.7 percent from the same month of last year, respectively.

Exports of beer amounted $4.4 million, a decrease of 23.6 percent from a year earlier.

Ministry officials attribured the decline largely to Japan's decreased demand for alcoholic beverages caused by an economic slump and Korean products' falling price competitiveness in the Japanese market amid the weakening yen.

In February, the comparable figure stood at minus 17.8 percent for soju, minus 43.6 percent for makgeolli and minus 25.7 percent for beer.

By Keat Min Woo

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