Eurostat, the statistical office of the European Union, meticulously tracks the flow of wine imports and exports, providing invaluable insights into this dynamic industry.
This article examines Eurostat's data on wine trade from extra-Stat, shedding light on trends, challenges, and opportunities shaping the global wine market. Eurostat, the statistical office of the European Union, has recently published the Wine Trade data for extra-Stat or data from outside of EU.
Wine Exports of European Union to overseas
Eurostat reports a decline in wine exports to 1936 kHL in January 2024, marking a continuation of the trend that began in October 2023. Despite this decrease, the level remains slightly above the previous year, showing a modest year-on-year increase of 1.4%. This indicates a resilient performance in the face of ongoing challenges within the wine export market.
Major wine exporters within the EU have recorded decreased levels of exports to regions outside of the EU, solidifying the market's weakness. This decline underscores various factors, including diminished demand, market barriers such as those experienced in China, and worsening economic conditions worldwide. The collective downturn signals a challenging landscape for European wine producers as they navigate through a complex web of global trade dynamics and economic uncertainties.
Within the big exporters, only Italy saw a significant increase of 18.6% (y.o.y.), Germany even higher to +25.8% (y.o.y.), whereas Spain was flat. The biggest drop in exports outside of EU was in Portugal (-13.9% y.o.y.) and "Other" European exporters -25.8% y.oy.
Wine Imports of European Union from overseas
Wine imports into the European Union have significantly decreased year-on-year in January 2024 to 447 kHL (-17.7%), echoing similar challenges faced in the export wine markets (reduced demand, high supply levels and economic regional downturn). Furthermore, the high wine stocks prevalent throughout the continent contribute to decreased import requirements, as local supply meets a significant portion of demand. These converging factors highlight the intricate interplay between international trade dynamics and domestic market conditions within the EU's wine industry.
Major wine importers within the EU have encountered substantial drops in wine trade in January 2024. The biggest importer of wine from outside of EU, Germany, has seen a decrease of 21.7% y.o.y. France and Ireland have also seen drops above 20%, whereas Denmark and the Netherlands between -15% and -20% y.o.y. Sweden registered no wine imports in January this year, which sounds unrealistic, but might show a major development of local wine demand.
As a conclusion, Eurostat's wine trade statistics serve as a vital and extensive resource, offering insights into the intricacies of the global wine market. All statistical data points towards a pessimistic development of global wine market, in general, and for Europe, in particular. With the lower wine supply foreseen for 2023, a re-balancing is still possible in the next months.
Source: Eurostat