Argentina’s wine exports saw notable growth from January to August, according to a recent report from the National Institute of Viticulture, with a significant uptick in August. However, the Asian market remains a minor player in Argentina’s export landscape.
The report highlighted that Argentina’s wine exports reached 137 million liters during the first eight months of the year, reflecting a 6.8% year-on-year increase. Bottled wine accounted for 105 million liters, a 3.8% rise, representing 76.4% of the total, while bulk wine exports grew 17.5% to 32.4 million liters, comprising 23.6% of the total.
August saw a sharp 27.8% year-on-year increase in wine exports, driven by a 79.6% jump in bulk wine and a 17.5% rise in bottled wine. The Free on Board (FOB) prices for bottled and bulk wine also surged, with increases of 16.1% and 73.2%, respectively. Sparkling wine exports stood out with a remarkable 106.1% growth in August.
In the first eight months of 2024, wine and grape juice exports generated US$553.7 million in foreign currency, up 11.3% year-on-year, contributing positively to Argentina’s trade balance.
Argentina’s top export markets remain in the Americas and Europe, with the UK and US leading still wine exports, holding 26% and 20% market shares, respectively. Brazil, Canada, and Mexico follow with shares of 15%, 6%, and 4%. The US ranks as Argentina’s largest market by value, importing 3.86 million liters of wine valued at US$18.11 million. The UK imported 5.32 million liters, valued at US$11.22 million.
Despite Asia being home to over 60% of the global population, the region remains a minor export destination for Argentine wine. In August, mainland China was Argentina’s largest Asian market, with wine exports totaling US$1.12 million, ranking 10th overall. Argentina exported 178,000 liters of wine to China, but the value accounts for just 6% of what is exported to the US. South Korea followed as the second-largest Asian market, with exports valued at US$575,000 for 66,000 liters, while Japan ranked third with 130,500 liters valued at US$500,000.
Other Asian markets for Argentine wine include Singapore, which imported 63,900 liters worth US$340,000, Hong Kong (3,800 liters valued at US$98,000), Thailand (28,100 liters valued at US$214,000), and Taiwan (35,700 liters valued at US$238,000). These markets represent a small fraction of Argentina’s overall wine exports.
The report did not provide cumulative data for specific markets from January to August or percentage changes.
While mainland China remains Argentina’s largest Asian market, the country holds a niche position in China’s wine sector. According to China’s General Administration of Customs, China’s national customs authority, Argentina’s wine exports to China in August in containers of 2 liters or less amounted to 113,500 liters worth US$1.13 million, accounting for only 0.95% of the total wine imports in this category.
Additionally, from January to August 2024, China’s imports of Argentine wine in these containers fell by 10.68% in volume and 27.05% in value, underscoring the challenges Argentina faces in expanding its footprint in the Asian market.
Discover more from Vino Joy News
Subscribe to get the latest posts sent to your email.
