NEWS
RARE BRIGHT SPOT: VINIPORTUGAL’S EXPORTS GREW 4.4% IN 1ST QTR WITH S. KOREA UP 44.2%
By Susan Lewis
5-6-2020
Source: ViniPortugal
South Korea imported 44.2% more Portuguese wines in value in the first quarter of this year despite that the Asia country was the global hotspot of COVID-19 pandemic at the end of February.
Against all the odds, according to latest data released by Interprofessional Association for the Promotion of Wines of Portugal (ViniPortugal), Portuguese wine producers have managed to increase sales volume by 4.4% and value by 2.1% in the first quarter compared to the same period last year.
This is exceptional performance amid reports that European Union (EU) wine producing countries have a total 1 billion litres of unsold wine due to COVID-19.
ViniPortugal said exports to countries outside the European Union (EU) is the main driving force for the growth seen in the first quarter of this year.
Wine exports to non-EU countries showed a growth of 22.8% by value to €99 million with some countries seeing double digit growth.
Exports to South Korea increased by 44.2%, Mexico by 34.7%, USA by 18.8%, Japan by 15.4% and Canada by 12% in the period.
However, the overall performance was dragged down by poor performance in exports to other EU countries with a drop of 14.4% in value.
ViniPortugal’s data also showed that exports to Greater China had been severely disrupted by the COVID-19 crisis.
Portuguese wine exports to China declined by 29.7% and to Macau by 52.1% in the first quarter compared to same period last year.
(the writer can be contacted at: info@thewinechronicle.com)
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