FRANCE: Credit crisis hitting wine exports - FEVS
Growth in emerging markets will not compensate for losses in the UK and US in 2009, the French wine and sprits export federation has warned.
Louis Régis Affre, head of the federation (FEVS), said today (14 October): "We are expecting a slacker 2008 compared to the record 2007 turnover, but 2009 certainly looks like it will be difficult." He blamed the financial crisis as the cause.
Affre said good results expected from newer importers, such as China, India and Russia, could not compensate for losses in America and the UK.
France exported EUR9.43bn (US$12.9bn) of wines and spirits in 2007, up almost 7% on 2006. The UK and US were the leading importers, with a combined value of EUR2.54bn, according to Ubifrance, the French export development agency.
The combined export value for China, India and Russia in 2007 was about EUR420m.
French wine and spirits exports declined last year, damaged by a marked slowdown in the final quarter, according to trade body the Fédération des Exportateurs de Vins et Spiritueux (FEVS)....
New Zealand wine exports jumped by almost 20% last year, driven by gains in key markets led by neighbouring rival Australia....
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