High inflation is putting a strain on the budgets of many consumers. For this reason, exports of French wine and spirits also fell last year.
France’s wine and spirits exports fell last year under pressure from high inflation. The value of exports fell by 5.9 percent to 16.2 billion euros in 2023 compared to the previous year, while export volumes fell by 10.4 percent, the Federation of French Wine and Spirits Exporters (FEVS) said in Paris on Tuesday. In the USA, the most important sales country, exports fell by 22 percent to 3.6 billion euros, followed by Great Britain with 1.7 billion euros (plus 1 percent), China with 1.2 billion euros (minus 6 percent) and Germany with an unchanged one billion euros.
When it comes to wine alone, Germany is France’s second most important buyer after the USA when you look at volume. In terms of the value of wine exports, Germany ranks third after the USA and Great Britain. When it comes to spirits, Germany is France’s third most important buyer in terms of volume. If you look at the value, Germany is in fifth place.
In particular, high inflation put a strain on many consumers’ budgets last year and slowed sales of wine and spirits, said FEVS President Gabriel Picard. In addition, high inventories were reduced in the USA, which also had an impact on exports. The falling export volume is an alarm signal for the industry. The continued success of wines and spirits in exports requires the authorities’ decisive and lasting support. The state must open up new markets and prevent other markets from closing, for example through retaliatory trade measures.
Source: Stern
