In the realm of wine, Portugal encountered a mixed bag of results in 2023, a year marked by slight fluctuations in its esteemed viniculture sector. Data sourced from Portuguese customs reveals a modest decline in wine exports, totaling 319.4 million liters—a marginal decrease of 1.8%—while generating 928 million euros, down by 1.2%. However, amidst this ebb and flow, there’s a notable silver lining: the average price per liter surged to 2.91 euros, reaching its pinnacle since 2001.
Despite these nuanced shifts, Portugal has managed to uphold its stature as the eighth largest wine exporter globally in terms of volume and ninth in value. This standing is particularly noteworthy given the minor contraction experienced in the market. Furthermore, Portugal’s wine exports showcased resilience in revenue generation, with 2023 marking the second-highest earnings on record, following the exceptional performance of 2022.
Delving into the types of wines exported, it’s discernible that bulk wine witnessed a notable uptick in exports, albeit accompanied by a decline in price. This trend hints at strategic adjustments or evolving market demands influencing Portugal’s export dynamics. Packaged wines continued to dominate the export landscape, constituting 75% of the volume and 90% of the total value, with bag-in-box wines following closely in terms of euros.
The shifting landscape of Portugal’s wine exports was also influenced by changes in major export destinations. Traditionally, France, the primary market, witnessed a substantial decrease, experiencing around a 13% drop in volume and 6% in value, despite an 8% increase in unit price. Similarly, exports to the U.S. and Belgium saw declines, reflecting fluctuations in international market preferences or competitive dynamics. However, amidst these challenges, Brazil, the Netherlands, and Poland emerged as promising markets, displaying significant growth in exports.
Angola retained its position as the second-largest destination by volume, albeit ranking eighth in terms of value. This discrepancy underscores Angola’s inclination towards bulk wine over premium offerings, indicating a distinct market strategy or consumer preference in the Angolan market, diverging from other destinations.
In total, Portugal exported wine to 155 global markets in 2023, highlighting the diversity and reach of its wine industry. This expansive distribution not only underscores the universal appeal of Portuguese wines but also underscores the strategic endeavors of Portuguese wineries to penetrate various market segments worldwide.
Reflecting on Portugal’s performance in the wine export sector in 2023, it’s evident that while the country faced marginal setbacks in volume and value, the surge in average price per liter and the breadth of market engagement signify a resilient underlying strength. Looking ahead, it will be intriguing to observe how Portugal continues to adapt and flourish amidst the dynamic landscape of the global wine industry.
