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In the first quarter of this year, the UK has overtaken China as the largest export market for Chilean wine. Chilean wine exports grew by 9.6% in volume and 3.3% in value, reaching 18.46 million liters and $366.3 million, though the average export price dropped by 5.8%. The UK market saw a 40% increase in the value of Chilean wine imports, making it the top destination by value.
China, traditionally the largest market, experienced a significant decline in Chilean wine imports due to economic challenges and competition from Australian wines. Despite a slight increase in export volume to China, the value fell by 4.49% from January to May.
Industry experts attribute the decline to poor economic conditions, changes in consumer spending, and strategic adjustments by Chilean wine producers. The return of Australian wines has further squeezed Chilean wine’s market space, leading to reduced sales and price wars among importers.
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