NEWS
JAPAN'S WINE IMPORTS REACHED HISTORIC HIGHS IN BOTH VALUE & VOLUME IN 2022
By Susan Lewis
5-7-2023
Source: Unslpash
Japan, a major wine consuming country in Asia, saw a 31.1 percent increase in the value of imported wines and an 8.9 percent rise in volume in 2022, setting new historic highs both in volume and value, according to data from the Japan Customs Agency.
Japan’s buoyant market in imported wine last year has pushed the average price up by 20.4 percent to a high of ¥924.27 (USD6.4) per litre, surpassing the previous record set in 2007 of ¥871.6.
Overall, the Asian nation imported a whopping 265.5 million litres, a record volume since 2019, reaching an unequivocal historical peak in value at ¥245.429 billion.
Japan Customs Agency’s data showed that for 20 consecutive months, from May 2021 to December 2022, Japan registered outstanding growth in the value of its wine imports, a trend interrupted only in November 2022, when a drop in volume by 13.5 percent was recorded.
Thanks to this growth, Japan consolidated its position in 2022 as the world's fifth-highest wine consuming country by value, ranking top in Asia.
Comparing data from the beginning of the century, Japan's wine imports have grown at a faster compound annual growth rate in terms of value (+4.9 percent) than volume (+2.2 percent), as the
average price nearly doubled during this period.
This increase in price is attributed to both the price increase across all product categories and the
improved performance of higher-value wines.
(the writer can be contacted at: info@thewinechronicle.com)
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