OIV: WORLD WINE EXPORT VALUE TOP €37.6B ON INFLATION WHILE VOLUME DOWN 5% ON CHINA FATIGUE
By Siulan Law Mathews DipWSET
The global volume of wine exports dropped 5 percent in 2022 driven by some 21 percent drop in China’s wine import, while total value of the trade increased 9 percent reaching a record high of €37.6bn, pushed by runaway inflation and global supply chain issues.
According to the “State of the World Vine and Wine Sector in 2022” report released by the International Organisation of Vine & Wine (OIV), China imported 3.4mhl of wines worth €1.4bn in 2022.
China’s wine import volume represents a sharp drop of 20.6 percent on 2021, while import value saw a decline of 4.3 percent.
OIV said total consumption of wines in China dropped 16 percent in 2022 to 8.8mhl, which is exactly half of the 17.6mhl level set in 2018.
China’s wine consumption has already started to drop in 2019 even before the pandemic, the momentum of the decline picked up during the three years of COVID restrictions.
China is now the world’s eighth biggest wine consumer, after USA, France, Italy, Germany, UK, Russia and Spain.
Despite that global wine exports fell 5 percent to 107mhl in 2022, the value of the exports increased 9 percent reaching a record high of €37.6bn, mainly due to high inflation.
“The war in Ukraine and the associated energy crisis, together with the global supply chain disruptions, led to a spike in costs in production and distribution. These resulted in significant increases in wine prices for consumers,” said Pau Roca, Director-general of the OIV.
“Less wine was exported in 2022 but the average unit price rose 15 percent on 2021,” added Roca.
France effortlessly held on to its position as the world’s leading wine exporting country by value, reaching €12.3b, nearly one third of global export value.
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