After a below-average Southern Hemisphere harvest, prices are rising in Chile and Australia, with the latter still feeling the effects of the end of China's punitive tariffs. In Argentina, prices are fluctuating, while South Africa remains largely price-stable. California, from where bulk wine exports have significantly decreased, also remains stable.
According to a report in the British publication “Decanter”, Russia plans to impose 200% tariffs on wine from NATO countries such as Spain and France. This development could allow South Africa and Argentina, whose relationships with Russia remain largely unaffected by the war of Russia against Ukraine, to gain market share.
Source: Ciatti Global Wine & Grape Brokers, Global Market Update, Export Prices in Euro per Hectoliter based on exchange rates as of June 14, 2024.
