Argentina’s wine exports experienced substantial growth in the first eight months of 2024, with a remarkable surge noted in August, as reported by the National Institute of Viticulture. However, the Asian market continues to play a minor role in Argentina’s export landscape.
According to the report, Argentina exported 137 million liters of wine from January to August, marking a 6.8% increase compared to the same period last year. Bottled wine accounted for 105 million liters—a 3.8% rise—making up 76.4% of total exports. In contrast, bulk wine exports rose by 17.5%, totaling 32.4 million liters and representing 23.6% of the total volume.
August proved particularly successful, with a striking 27.8% year-on-year increase in overall wine exports. This growth was primarily fueled by a dramatic 79.6% increase in bulk wine exports and a 17.5% rise in bottled wine exports. The Free on Board (FOB) prices also saw notable increases, with bottled wine prices up by 16.1% and bulk wine prices surging by 73.2%. Sparkling wine exports stood out with an extraordinary 106.1% growth in August.
In terms of economic impact, Argentina’s wine and grape juice exports generated US$553.7 million in revenue in the first eight months of 2024, reflecting an 11.3% year-on-year increase and contributing positively to the country’s trade balance.
The primary markets for Argentina’s wine exports are located in the Americas and Europe, with the UK and the US leading the way in still wine imports, accounting for 26% and 20% of market shares, respectively. Following these are Brazil, Canada, and Mexico with shares of 15%, 6%, and 4%. The US remains Argentina’s largest market by value, importing 3.86 million liters of wine worth US$18.11 million, while the UK imported 5.32 million liters valued at US$11.22 million.
Despite Asia’s significant population, the region has not emerged as a major export destination for Argentine wine. In August, mainland China ranked as Argentina’s largest Asian market, with wine exports totaling US$1.12 million and 178,000 liters, but this only accounted for 6% of the exports to the US. South Korea followed as the second-largest Asian market, importing 66,000 liters valued at US$575,000, while Japan ranked third, receiving 130,500 liters worth US$500,000.
Other Asian markets included Singapore, with imports of 63,900 liters valued at US$340,000; Hong Kong, which imported 3,800 liters valued at US$98,000; Thailand, with 28,100 liters valued at US$214,000; and Taiwan, importing 35,700 liters worth US$238,000. Collectively, these markets represent a small fraction of Argentina’s overall wine exports.
The report did not provide specific cumulative data or percentage changes for individual markets from January to August.
While mainland China is the largest Asian market for Argentine wine, it occupies a niche position within the country’s wine sector. According to China’s General Administration of Customs, Argentine wine exports to China in containers of 2 liters or less amounted to 113,500 liters worth US$1.13 million in August, constituting only 0.95% of total imports in that category.
Additionally, from January to August 2024, imports of Argentine wine in these smaller containers declined by 10.68% in volume and 27.05% in value, highlighting the challenges Argentina faces in broadening its presence in the Asian market.
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