Global wine production hits 15-year high after dramatic slump

Wine output the world over noticed a year-on-year surge of 17 p.c in 2018 to succeed in the very best degree in 15 years, beating essentially the most optimistic forecasts, a report by the International Organization for Vine and Wine (OIV) reveals.

According to the estimates by the Paris-based company, international production of wine final 12 months reached 292.three million hectoliters (29.230 million liters) – the equal of about 39 billion bottles. The elevated output exceeded the group’s October projections because of higher-than-expected output in Italy, France, and Spain.

Italy retained the place because the world’s largest winemaker with the quantity of production surging practically 29 p.c thanks to wonderful weather conditions in comparison with 2017, when unfavorable climate dragged wine output throughout Europe down 8.6 p.c.

French wine-makers noticed a virtually 35 p.c progress in wine production, whereas Spain’s output grew by about 37 p.c. At the identical time, Spain turned the world’s largest exporter of wine when it comes to quantity, promoting 20.9 million hectoliters. France was the main exporter in financial phrases with €9.three billion ($12.1bn) price of wine offered overseas.
The worth of world wine exports rose 1.2 p.c to €31 billion ($35 billion) in 2018, in accordance with the OIV’s director basic Pau Roca.

When it involves demand, the US consumed a report quantity of wine that totaled 33 million hectoliters. France turned the second largest shopper of wine, reaching 26.Eight million hectoliters. However, the US landed in 20th place when it comes to consumption per capita with Portugal the chief.