NEWS
FRENCH WINE & SPIRIT EXPORTS SLUMPED 22% IN USA & 6% IN CHINA LAST YEAR
By Siulan Law Mathews DipWSET
14-2-2024
Credit: Alexander Kagan/Unsplash
France saw a 6 percent decline in the total value of wine and spirit exports in 2023 dragged by a 22 percent slump in export value to the USA and a 6 percent drop to China.
According to the latest data released by Federation of French Wine and Spirits Exporters (FEVS), the value of exports to USA - the largest export market for French wine and spirits – decreased to €3.6 billion (USD3.85b) last year due to de-stocking by distributors.
In China, a slower than expected recovery in demand after COVID has led to a 6 percent drop in import value of French wine and spirits to €1.2b.
The decline in the Chinese market was mostly due to poor performance in wine exports, the reopening of venues such as bars and restaurants did support a slight increase in French spirits sales notably cognac.
Looking ahead to 2024, FEVS Chairman Gabriel Picard expected it to be a difficult year and calls for more support from the government.
China last month launched an anti-dumping investigation into European Union brandy while the industry is mindful of the possibility of Donald Trump, who previously imposed taxes on European liquors, returning as president of USA.
"More than ever, we need the support of our authorities, who must not think that the good export performances of wine and spirits are a perpetual achievement," said Picard.
Wine and spirits are one of France's biggest export earners. The sector has become increasingly reliant on foreign sales as declining domestic consumption has hit producers hard.
(the writer can be contacted at: info@thewinechronicle.com)
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