Chilean wines to get pricier
20th April, 2017 by Natalie Wang
Prices for Chilean wines are expected to rise after a turbulent 2017 vintage that has resulted in serious production loss in some areas according to reports.
Vineyards in Chile (Photo source: Wines of Chile)
Chile’s most recent grape harvest saw volumes fall 10% after heavy rainfalls coupled with record hot temperatures and forest fires over the summer, the second year in a row when the country’s wine production was cut short, according to a report by Bloomberg citing estimates by the country’s Agriculture Ministry.
This has threatened to push up costs for the country’s largest wine producer Viña Concha y Toro.
Higher costs and the effect of a strong peso will also play out to affect Concha y Toro’s exports, according to BTG Pactual.
Chilean bank Banchile, warned earlier this year that that wildfires fuelled by the high temperatures will adversely affect grapes and wine production in 2017, “eliminating any potential growth for the industry”.