Portuguese Wine Exports Worth €737 million In 2016
Portuguese wine exports in 2016 should be worth around €737 million, despite major losses registered in the Angolan market.
Speaking to the Lusa news agency, the president of the Portuguese wine organization ViniPortugal, Jorge Monteiro, said that the result will be on par with 2015.
He explained that the Angolan market has gone through “a very complicated time", with Portugal losing about €70 million over the past two years in wine exports. Overall, global exports are down by 2.7%, or by €13-14 million.
Despite the sharp drop in the Angolan market, Monteiro estimates that the value of this year’s exports is identical to that of 2015 due to the growth in alternative markets and the increase in the average price.
France remains the leading export market, due to Port wine, while around €75 million in exports was sent to the US market in 2016. According to Monteiro, the US market offers significant potential, which is why ViniPortugal will continue investing 25% of its resources in North America.
Although the value of exports to Asian markets are not so significant, China (€12 million) and Japan (€5 million) have been steadily growing markets.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. To subscribe to ESM: The European Supermarket Magazine, click here.