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 has said.
Details
The International Organisation for Vine and Wine (OIV) has said that global wine exports in 2022 stood at €37.6 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.
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.
Output
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.
Inflation Drives French Wine And Spirits Exports To New High In 2022
The above news follows news from earlier this year that French wine and spirit exports rose 11% last year to hit a new record, mainly boosted by a rise in prices, and the trend should last this year as Chinese consumers return to restaurants and resume travel, industry group FEVS said.
Read More: Inflation Drives French Wine And Spirits Exports To New High In 2022
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