Home News
by James Bailey
Published: July 30, 2024
Chilean wine exports have seen a recovery in early 2024, according to the Spanish Wine Market Observatory (OEMV). From January to March, Chilean wine export volumes rose by 9.6% and their value increased by 3.3%, reaching 184.6 million litres and $366.3 million, respectively. This comes after a difficult 2023, in which export values fell by 20% to $1,525.9 million and volumes fell by 18% to 682 million litres.
In 2023, the market was hit hard, particularly in China and the US, with China seeing a decline of US$96.1 million and the US a decline of US$21.8 million. Chinese wine imports shrank significantly, to 48 million litres in 2023 from 688 million litres in 2018. This was despite tariffs on Australian wine, which were lifted in March, creating opportunities for other wine-producing regions. France benefited the most, gaining a 49% market share, but Chile also increased its share to 17%.
The first quarter of 2024 is witnessing a positive trend for Chilean wine, driven largely by a growth of almost 40% in UK imports, which has pushed the UK to the number one spot by value, overtaking China and the US. This growth reflects the growing demand for Chilean wine in the UK, driven by product quality and effective marketing strategies.
Despite a 5.8% drop in the average export price to $1.98 per litre, the increase in export volume and value points to the recovery of Chile’s wine industry. This resilience is evidenced by the industry’s ability to adapt to global market challenges, with producers diversifying their offerings and improving production processes to maintain competitiveness.
Meanwhile, recent data from Wines of Chile shows that the downward trend in China continued from January to May, with export volumes to China increasing by 8.85% to 1.84 million cases (9 litres per case), but export value falling by 4.49% to $61.13 million.
Chile has been China's main source of bulk wine due to zero tariffs and high cost performance. However, from February to April this year, China's imports of bulk wine from Chile fell to $12.86 million, down 27.13% year-on-year.
