French wine and spirits exports hit new record high
The value of wine and spirits exports from France hit a new high last year, despite overall volumes dipping 3.8% – a fall attributed to the wine industry’s battle with debilitating frosts during the 2021 vintage.
The value of French wine and spirits exports rose 11% in 2022, a rise largely informed by rising prices, Reuters reports.
The wine and spirits sector is France’s second-largest export after aerospace, and accounted for some 17.2 billion euros in value in 2022 – a rise of 10.8% on the previous year according to the Federation of French Wine and Spirits Exporters (FEVS).
FEVS anticipates that exports value could continue to rise this year as China’s economy opens up post-Covid.
The rise in export values was ably abetted by a 14% jump in exports to the United States to total 4.7 billion euros.
“The United States confirmed its role as the driving force behind French wine and spirits exports,” FEVS chairman Cesar Giron told Reuters.
China’s Covid restrictions impacted exports to the country in 2022, though as the economy continues to open up this year, Giron is hopeful of a resurgent market in 202. “Restaurants and hotels are full, people want to see each other so I expect a rebound in the coming months in terms of wine and spirits in China,” he said.
Britain, France’s second-largest export market, rose 7% in value in 2022 to total 1.7 billion euros.
Champagne exports were a particular high point in 2022, the 326 million bottles shipped marking the highest annual figure in 15 years.
For a full rundown of Champagne export figures since 199, click here.