Good time for the wine export. Red wine and white wine will be cheaper in South Korea.

Korea-EU FTA cuts European wine prices

It’s been a great few weeks for both vinophiles and winos in Korea, as wine prices have been among the first to be slashed as a result of the EU-Korea Free Trade Agreement.

Korea is the only Asian country to strike such a deal with the European Union, and the historical accord, which was implemented on July 1, saw price cuts in European wine imports by five to 15 percent.

Subsequently, wine sales have been skyrocketing in Seoul, especially at discount stores where customers are particularly susceptible to changes in price (read: are cheaper).

The Korea Herald reported that European wine sales at E-Mart increased by 47 percent during the first week following the FTA implementation compared to the same period last year, while Lotte Mart saw a 36 percent increase and Homeplus sales rose by 43 percent.

Wine importers also said their phones are ringing nonstop with enquires from consumers asking about exact discounts as a result of the FTA deal.

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