Chile saw the value of wine imports to the UK rise by 40% in the first quarter of 2024, making it the South American country's largest market by value, new data shows.
According to the Spanish Observatory of the Wine Market OEMV, the UK has overtaken China and the US in terms of value to take first place, on the back of impressive growth.
Overall, Chile increased its wine exports by 9.6% in volume, with their value increasing by 3.3% in the first quarter of 2024. This represents a “significant” improvement compared to 2023, which was one of the worst years for the country in more than a decade.
The total value of Chilean exports in 2023 fell by 20% to US$1,525.9 – a loss of US$382.6 million compared to the previous year – with the average price falling by 2.5%, to US$2.24 per litre. Volume was also affected in 2023, with exports down 18% to 682 million litres (down 149.8 million litres) compared to 2022.
Last year, the market was particularly affected by declines in its two largest markets: China, which saw declines of $96.1 million; and the United States, which saw a decline of $21.8 million.
China’s wine market has shrunk significantly in recent years – total wine imports in 2023 were about a third of what they were five years ago, down to 48 million litres, from 688 million litres in 2018. This was despite the opportunities created for the wine-producing region by the Chinese government’s imposition of tariffs on the largest wine importer, Australia, in 2020, which were only lifted in March this year. France, for example, proved to be the biggest beneficiary (gaining a 49% market share), but Chile also gained and increased its market share in China to 17%.
According to the country’s winemakers, the 2024 harvest — despite being one of the latest and longest wine seasons in recent times — is set to be one of the most memorable. “It’s a truly incredible harvest,” said Eduardo Jordan, winemaker at Miguel Torres Chile, a beverage company.
“We got an excellent quality with high natural acidity, low alcohol content, beautiful colour, good tannins and great freshness. I think it’s one of the greatest wines of our time,” he told Amanda Barnes.
