Portuguese Wine Exports Up 8.5% In 2017
Portuguese wine exports grew 5.7% in volume and 8.5% in value between January and September 2017, compared to the same period last year, according to the Instituto da Vinha e do Vinho (IVV).
During this period, Portugal sold 2.13 million hectolitres of wines, earning a total of €536.8 million.
The highest growth occurred among wines with Protected Geographical Indication (PGI) and Protected Designation of Origin (PDO) status, which represent about 40% of exported Portuguese wine.
Speaking to the Lusa news agency, Jorge Monteiro, president of ViniPortugal, said the results are encouraging and could mean that Portugal will reach the €800 million export target this year.
France, the US and the UK remain the top three destinations for Portuguese wines, however, the Angolan market has more than doubled the number of hectolitres sold compared to the same period last year.
As for the domestic market, Monteiro said that the trend is a reduction in consumption, which is expected to be offset by a growth in value. He added that although Portuguese consumers are drinking less, they can afford better quality wines at higher prices, with a similar trend seen among tourists.
According to the IVV, national wine production in Portugal increased by 11% in the 2016/2017 season, reaching 6.7 million hectolitres. The biggest growth was in the Algarve region (+50%), while Alentejo recorded the largest drop (-9%).
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine