Tridge summary
In 2023, global wine trade saw a downturn, with South Africa's exports experiencing a significant 13% drop to 572 million euros, a decline worse than the average 6-7%. Despite the UK, South Africa's main export market, only experiencing a 4% decrease, the country's reliance on the volatile bulk market, which has one of the lowest global average prices, and the trend of premiumization, which reduces volumes in the less valuable product range, have negatively impacted its wine exports.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
World foreign trade in wine went negative in 2023 and the data we are commenting on today for South Africa (-13% for exports in euros to 572 million euros) but also for a series of other nations, especially in the new world, go into this direction. It's still early to sum things up but I think we'll be on a 6-7% drop in euros. So if this is the benchmark, South Africa does worse than average, and this happens despite its main export market, the United Kingdom, holding up with a decline of only 4%. The problem here is the strong volatility of all destination markets, where South African wine has not “found a home” as other competitors have. Furthermore, South African wine remains strongly linked to the bulk market, 148 of the 572 million euros in exports and with an average price among the lowest ...
Source: Inumeridelvino
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