Global wine trade reached a record high last year, supported by a sharp rise in prices, but the amount of wine sold fell due to weaker demand and logistical problems, according to an industry body.
The International Organization of Vine and Wine (OIV) said on Thursday that world wine exports in 2022 stood at 37.6 billion euros (US$41.22 billion), as export prices rose 15% on average in comparison with 2021.
World wine consumption fell 1% to 232 million hectoliters (mhl).
“The war in Ukraine and the associated energy crisis, together with disruptions to the global supply chain, led to increased production and distribution costs”, the OIV said in a statement published on its website.
Wine exports in 2022 were severely affected by high inflation and global supply chain problems, which led to a significant slowdown in shipping, he added.
In terms of production, the OIV slightly lowered its estimate for wine production in 2022 to 258 million hectoliters from its initial estimate of 259.9 million hectoliters published last October, still around 1% below production of the previous year.
Source: Reuters
Source: Gestion
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