Global wine trade hits record-high value but volumes fall

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 Organisation for Vine and Wine (OIV) said on Thursday (Apr 20) that global wine exports in 2022 stood at 37.6 billion euros (S$55 billion) as export prices rose 15 per cent on average compared to 2021.

Global wine consumption fell 1 per cent 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.

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 per cent below the previous year’s output. REUTERS