The Venezuelan wine market has shrunk considerably over the last year because of the country’s ongoing economic recession, local wine producer Bodegas Pomar has revealed.
In the late 1990s around 3m cases of wine were sold every year in Venezuela, but last year that figure fell to just 800,000 and is likely to fall again this year, Bodegas Pomar’s president Oscar Quintero said.
The market is now worth around US$70m, Quintero estimates. The vast majority of wine consumed in Venezuela is imported, although Bodegas Pomar accounts for 12% of the market.
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