Chile has experienced a significant drop in wine exports during the first half of 2023. The decline amounted to 20 million boxes and 584 million dollars, marking a 24% decrease in both volume and value compared to the same timeframe in 2022. All ten of Chile’s primary wine-consuming markets have seen a decline in wine exports.
China, which remains the top destination in terms of value, witnessed a 40% reduction in volume and a 37% decrease in value. Other markets that saw substantial reductions include the UK, Japan, Canada, the Netherlands, the Republic of Korea and Mexico.
Chile ranks as the fourth-largest global wine exporter, following France, Spain and Italy. In June alone, exports of bottled wine saw a contraction, with 3.8 million boxes shipped, totalling US$115 million in value. This indicates a significant 33% drop in volume and a 32% decrease in value. The current downturn is said to be due to the deteriorating international landscape and the accumulated wine stock.
It’s interesting to think how this might affect global wine market and prices. Also, what other reasons might be behind the decline apart from the ‘international landscape’ (recession?) and accumulated wine stock?
