Global wine trade hits record-high value but volumes fall

PARIS (Reuters) – The global wine trade reached record-high value last year, supported by a sharp rise in prices, but the amount of wine sold fell due to weaker demand and logistical problems, an industry body said.

Imported wines from different countries, including the U.S., are displayed at the wine shop 'Wine and Weekend' in Tokyo

© Thomson Reuters
Imported wines from different countries, including the U.S., are displayed at the wine shop ‘Wine and Weekend’ in Tokyo

Imported wines from different countries, including the U.S., are displayed at a wine shop in Tokyo

© Thomson Reuters
Imported wines from different countries, including the U.S., are displayed at a wine shop in Tokyo

The International Organisation for Vine and Wine (OIV) said on Thursday that global wine exports in 2022 stood at 37.6 billion euros ($41.22 billion) as export prices rose 15% on average compared to 2021.

Global wine consumption fell 1% to 232 million hectolitres (mhl).

“The war in Ukraine and the associated energy crisis, together with the global supply chain disruptions, lead to a spike in costs in production and distribution,” the OIV said in a statement posted on its website.

Old bottles of red wine are seen in the cellar of Chateau Smith Haut Lafitte (Graves Pessac Leognan label) in Martillac

© Thomson Reuters
Old bottles of red wine are seen in the cellar of Chateau Smith Haut Lafitte (Graves Pessac Leognan label) in Martillac

Wine exports in 2022 were severely impacted by high inflation and global supply chain problems that led to a significant slowdown of sea freight, it added.

In terms of output the OIV slightly lowered its estimate for 2022 wine production to 258 mhl from its initial estimate of 259.9 mhl released last October, still about 1% below the previous year’s output.

($1 = 0.9122 euros)

(Reporting by Sybille de La Hamaide; Editing by Alexandra Hudson)

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