Argentina Exports for Wine Market

tendata blogExport News

ten data blog09-01-2024

In terms of US dollars, Argentina is among the world's top ten wine-exporting countries. While Chile dominates South American wine exports, Argentina's wine production is nearly five times that of Chile, and it has been rapidly catching up in argentina exports markets, especially in the United States.

In 2023, according to the latest data from Tendata, Argentina's main export destinations are the United States, the United Kingdom, Peru, Chile, and Brazil.

The reputation of Argentine wines is well-established. From the Andean Malbec to the award-winning Cabernet Sauvignon from Piramide Estate, the grape varieties here rank among the world's finest, attracting renowned winemakers, including Michel Rolland, responsible for the wine selection at the Ritz-Carlton.

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Argentina Wine Exports in 2023

According to a report from the National Institute of Viticulture (INV), Argentina's wine exports saw a significant decline in the first half of 2023. Compared to the same period in 2022, exports decreased by over 31%, equivalent to a reduction of 44.8 million liters. During this period, the total volume of wine exports was 96.5 million liters, a sharp contrast to the previous year.

Patricia Ortiz, Chairwoman of the Argentine Winegrowers Association, mentioned that high costs, export taxes, and the exchange rate (pegged to the US dollar by Argentina) have weakened profitability and brought "urgent" issues to the argentina exports industry.

"For premium wines, there is still profit," Ortiz said, owning seven vineyards in Mendoza at the foot of the Andes, producing various grape varieties, including Malbec. "Where we lose to other markets like Chile and Spain is in our bulk wines."

The decline is not uniform; bottled wine and bulk wine decreased by 26.8% and 44.5%, respectively. These figures depict a pessimistic picture of Argentina's wine export industry, primarily due to the higher reduction rate in the argentina exports category.

Ortiz estimates that the value per bottle for growers shipped overseas has halved since the end of 2021, mainly due to inflation.

With the country's inflation rate approaching 100%, a new exchange rate, known as the "Malbec peso," was introduced in April to address the country's financial issues and extreme weather conditions affecting argentina exports.

Rising Prices of Argentine Wines

Despite the significant decrease in argentina exports volume, the average dollar price of wine from January to June has increased. The total average price per liter reached $3.5, a 15.6% increase. Bottled wine prices rose by 9.1% to $4.23 per liter, and bulk wine prices surged by 21.9% to $1 per liter. Additionally, the average prices of varietal and non-varietal wines also increased during this period.

The INV report also noted a substantial decrease in the export of concentrated grape juice. The volume of exports for this product fell by 61.2% compared to the previous year, with export revenue also decreasing by 50.3%. Nevertheless, the average price per ton of concentrated grape juice for the entire year was $1,863.6, with a slight increase to $1,905.5 in June.

In the second half of 2023, the argentina exports volume of Argentine wines increased, showing a significant improvement compared to the first half. According to the latest data from Tendata, the 2023 market trends for argentina exports are:

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