The value of French wine and spirits exportation for the first six months of this year shrunk by 7.3 per cent, compared with the same period in 2013, according to the Fédération des Exportateurs de Vins & Spiritueux.
This is predominantly because the Chinese are not purchasing as lavishly as they were last year, as new anti-corruption legislation passed in Beijing has precluded the purchasing of copious amounts of wine. Banquets and events held by divisions of the Chinese administration in the recent past have been notoriously decadent, and featured the consumption of some of the finest crus bordelais on the market.
Indeed, Bordeaux has been hit hardest by new sanctions, where sales to destinations outside France have plummeted by 28 per cent to €835 million.
Losses have been compounded by EU-Russia trade bans and a poor harvest in the south of France.
© 2014 European Supermarket Magazine – your source for the latest retail news. Article written by Peter Donnelly.
