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At 143 million hectolitres, wine production in Europe in the 2023 harvest has reached its lowest level since 2017. According to a report by the EU Commission, this is one of the worst harvests ever. Production is ten per cent below that of 2022 and eight per cent below the five-year average. The volume for so-called "other uses", which also includes crisis distillation, will rise to 33 million hectolitres.
Italy and Spain are mainly responsible for the small harvest with a drop of 23 per cent and 21 per cent respectively. While too much rain and fungal diseases such as mildew reduced volumes in Italy, Spain suffered from the drought. In Portugal, production rose by eleven per cent, in France by eight per cent, making it once again the largest wine producer in the world.
For 2024, the report expects wine consumption in the EU to fall by 1.5 per cent to 96 million hectolitres, especially for red wines. Wine production prices remained stable in the second half of 2023, with slight increases in Italy and Spain and price decreases in France. The volume of wine exported was three per cent lower in the period 2022 to 2023, mainly due to declines in the UK and the USA. At the same time, the value of exports rose by four per cent, which was mainly due to inflation. According to the EU Commission, the export volume is set to increase by 11% to 28 million hectolitres in 2024, although the value will fall by 8%. This is due not least to strong exports to Russia.
Imports to the EU are expected to fall by a further 14 per cent to five million hectolitres. This is a result of lower demand and high supply in the EU. Wine stocks are likely to be below the average of the last five years (170 million hectolitres) due to crisis distillation.
(al /Source: Winenews)