Wine exports increase in US
US wine exports have increased significantly despite numerous challenges, according to a new report.
Last year US wine exports grew by 10.6 percent in value, resulting in $1.44 billion in total revenue, according to a report from Wine Institute.
Wine Institute compiled its report with information from Trade Data Monitor and the US Department of Commerce. It showed the largest jump in exports since 2013 when the US wine export market grew by 16.2 percent.
“While we continue to see some challenges in the international marketplace for US wine exports, we’re encouraged that export data shows a trend toward countering the impact of the global pandemic, retaliatory tariffs, unfavourable exchange rates and other external circumstances,” said Honore Comfort, Vice President of International Marketing at Wine Institute. “We’re moving the needle for larger gains in the future with a goal to boost the Golden State’s wine exports by $2.5 billion over the next decade.”
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“We are very pleased to see our exports return to growth after several challenging years and we are grateful for the Biden administration’s diligent work to address a number of trade irritants,” added Bobby Koch, Wine Institute President and CEO. “We urge the administration to continue working to expand market access for our wines through free trade agreements in key markets such as the United Kingdom.”
Canada, the largest export market for US wines with 35.6 percent of the market share, was a significant driver of export growth, gaining 11.5 percent in value compared to the previous year, according to the data. However, there were also drops in the market in some places, with the UK and European being key examples and their declines driven by shipping challenges sparked by global supply chain issues.