Chilean wine exports experienced a significant recovery in the first quarter of 2024, according to data provided by Chilean Customs and analyzed by the Spanish Wine Market Observatory (OEMV). From January to March, the volume of Chilean wine exports increased by 9.6%, and their value rose by 3.3% compared to the same period last year, reaching 184.6 million liters and $366.3 million, respectively. This growth occurred despite a 5.8% decrease in the average export price, which fell to $1.98 per liter.
The report, published online on Friday, July 12, confirms that 2023 was a challenging year for Chilean wine exports, with losses of around 20%. However, data for the first quarter of 2024 point to a positive trend, indicating a recovery in the sector. The increase in both volume and value of exports paints a more optimistic picture for the Chilean wine market in the international context.
The main driver of this increase was the UK market, which saw a growth of almost 40% in the value of its Chilean wine imports. This increase has made the UK the largest market in terms of value for Chilean exports, overtaking other traditional destinations, and moving from the third largest importer to the first. This shift reflects the growing demand for Chilean wine in the UK market, driven by several factors including product quality and effective marketing strategies.
The performance of the UK market contrasts with that of other important markets, where growth has been more modest. This dynamic in the UK has largely offset the volatility in other countries, strengthening Chile’s position as a major supplier to Europe.
The figures also demonstrate the Chilean wine industry’s ability to adapt to global market challenges. The drop in average export prices suggests that Chilean producers have adjusted their strategies to maintain competitiveness abroad, perhaps by diversifying their offerings and improving production processes.
The OEMV report points to an encouraging recovery in Chilean wine exports in the first quarter of 2024, with notable growth in the UK market. This positive trend is a testament to the resilience and adaptability of the Chilean wine industry, which has managed to reverse the losses of the previous year and position itself more strongly on the international market.
