UK: Booming Asian and South American markets to thank for gin bounce back

Published 2023년 2월 28일

Tridge summary

British gin exports experienced a significant surge in 2022, with a 34% increase in value reaching £730.9 million, surpassing both 2021 figures and the 2019 pre-pandemic levels by 9%. This growth is impressive amidst challenges such as inflation, energy cost hikes, and the Ukraine conflict. The US remains the primary export market, followed by South America and Asia, although exports to the EU have seen a 4% decline due to Brexit. The UK's gin industry's resilience and innovation are highlighted, even as consumer preferences shift towards Tequila and rum, leading to a 25% drop in gin imports into the UK, particularly from the EU and North America. Overall, the 2% growth in imports in 2022 indicates a gradual recovery in the import market.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Exports of British gin bounced back by more than a third in 2022 despite “ongoing challenges”, HMRC (Her Majesty’s Revenue and Customs) data cited by trade body The Gin Guild has revealed. The total value of UK gin exports rose by £189.4 million to £730.9 million, up by more than one third on 2021 figures. Exports also exceeded pre-pandemic numbers from 2019 by 9%, an encouraging sign especially as inflation and energy costs continue to plague the industry. Pal Gleed, director general of The Gin Guild, said of the results: “Despite the ongoing challenges of spiralling energy costs, price inflation, rising interest rates and the war in Ukraine, which all affect trading conditions, gin distillers have shown their resilience and their ability to innovate over the past three years. “The growth in exports reflects the quality, variety and reputation of British gin. Bartenders and restaurants want to serve it and consumers want to drink it, alongside the high-quality gins now being ...

Source: Thedrinkbusiness