South Korea: Hitejinro Co. raises its soju and beer prices by about 7%
Hitejinro Co., South Korea's leading beverage company, has raised its soju and beer product prices by about 7 percent to reflect higher raw material and manufacturing costs, Yonhap News reported on November 9.
Hitejinro raised Chamisul soju prices by 6.95 percent and Hite, Terra and Kelly beer prices by 6.8 percent Thursday due to sharply increased ethyl alcohol and bottle prices, the company said in a statement.
Prices of ethyl alcohol called "jujeong" jumped by more than 10 percent in April, and bottle prices have recently soared by 20 percent. Soju is a distilled liquor made of ethyl alcohol and water, with the addition of sweeteners.
But the company didn't raise the price of 500-milliliter cans of beer.
Last month, Oriental Brewery Co., Hitejinro's competitor, raised the prices of beer by 6.9 percent for the same reasons.
Hitejinro produces 100 percent of its soju products at its domestic plants. It earns 10 percent of its total sales from exports of soju; "makgeolli," Korean rice wine; and other liquors. Soju accounts for 80 percent of the exports.
lts soju products are sold under the flagship Jinro brand overseas, while two soju brands, Chamisul and Jinro, are sold domestically. Its beer is available globally under the brands of Hite and Terra.
The company's soju exports exceeded US$120 million last year, nearly tripling from $44 million in 2016, when it announced its goal of globalizing soju. In 2021, soju exports jumped 36 percent to $102 million from $75 million a year earlier.
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