Global wine trade hits record-high value but volumes fall

PARIS — 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.

The International Organization for Vine and Wine (OIV) said last week 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 hectoliters (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.

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. — Reuters