Global wine trade hit by rising costs and inflation
While 2021 had planted seeds of hope of a post-pandemic recovery for wine trade, 2022 wine exports have been ‘severely impacted’ by the war in Ukraine; an energy crisis that has generated a strong inflationary pressure on all major economies; and global supply chain disruptions to sea freight.
While international wine trade reached a record high in value terms in 2022, this was down to a sharp rise in prices from higher costs across the supply chain. In volume terms, global wine exports decreased 5% on the prior year.
Very few of the top exporters escaped a decline in volumes, says the OIV (International Organisation of Vine and Wine) as it released the latest figures.
