The Spanish Wine Interprofessional Organisation (OIVE) has announced that wine exports rose in 2024. This is excellent news, if only prices had remained at the levels seen in 2023, which unfortunately was not the case. The complex circumstances currently affecting international trade, the threat of tariffs, tax policies being implemented in some major consumer countries, among other factors, have reduced the purchasing power of many people, who have therefore been unable to maintain their usual wine consumption habits.
Wine exports rose in 2024, according to OIVE
The wine sector has reason to celebrate. At least, this is what can be inferred from the recent figures published by OIVE. Global wine trade closed 2024 with a 1.4% increase in volume, reaching a total of 9,961.2 million litres. This figure is based on customs data collected and analysed by the aforementioned interprofessional organisation.
This increase puts an end to two consecutive years of declines in exported volumes.
However, this does not translate into a rise in economic value, as the financial results do not reflect this positive moment. This is because wine lost value compared to 2023, due to the price drop experienced in 2024. It is worth noting that the total value of exports fell by 0.3%, reaching €35.981 billion. Although this represents a slight decrease in total revenue, it remains the third highest historical figure for the sector. We have personally observed these good figures in the consumption of our DEMUERTE wines, which have reached more consumers and given us the opportunity to enter their homes.
Global wine trade: 2023 figures
According to OIVE’s data, the average price per litre of wine dropped by 1.6%, down to €3.61. This depreciation in the value of wine is significant.
This decline is due to several causes affecting both supply and international demand for wine. The main factors include: inflation in some wine-importing markets which has reduced consumers’ purchasing power; a reduction in wine consumption in certain European countries; and ongoing logistical tensions in international trade. These challenges originated during the pandemic in 2020 and persist to this day.
Evolution of the global wine trade
The performance of the wine sector has not been uniform over the past year. Notably, bulk wines saw the greatest growth both in consumption volume and value.
Other categories experiencing positive trends were sparkling and bottled wines, both of which also saw an increase in average price.
The situation for other wines was very different, particularly regarding prices. The pressure from rising logistics and energy costs was decisive in this respect.
Stabilisation?
Although the current international commercial and economic situation remains fragile, the slight rebound in export volumes recorded in 2024 could be interpreted as a sign of stabilisation. From WINERY ON, we hope this trend continues and even improves.
As shown by studies and data analysed by sector bodies in recent years, despite economic and trade difficulties, international trade continues to adapt to new conditions, however complex they may be.
For all these reasons, we can affirm that the wine sector has a solid foundation—a cushion on which we must continue working to maintain, and even enhance, wine’s position in international markets. We hope this will be the case and that our DEMUERTE wines will continue to win over palates and markets.
