Spain exported almost 380 million litres more wine in the first 11 months of 2014, but its revenues were down €93 million, as prices took a nose dive by 31 cents per litre.
Spain exported almost 380 million litres more wine in the first 11 months of 2014, but its revenues were down €93 million, as prices took a nose dive by 31 cents per litre.
That's according to a report from the Observatorio Español del Mercado del Vino, which shows average prices from January to November 2014 fell 21.2%.
However the global picture was not entirely negative. Revenues from Belgium grew 6.7%, the Netherlands increased 5.9% and China was up 7.7%, but Germany, the UK, France, the US and Japan all fell.
With just one month to go before 2014's figures are finalised, and "it seems clear that Spain exported more wine, but at cheaper prices, with the largest increase coming from bulk exports as a consequence of 2013's large harvest", the report says.
The report also states that the solid performance of more premium wines such as DOP (Protected Denomination of Origin) wines with named regions and varieties, "do not make up for the losses incurred by the bulk wines", since overall revenues were down €93 million versus the same period of 2013.
Nielsen's report on the 12 weeks of Christmas 2014 in the UK retail market showed Spanish sparkling wines dip 10% against the previous year as Prosecco's foothold on the market strengthens. Brands including Pernod Ricard's Campo Viejo Tempranillo saw its festive sales rocket 75% thanks to £5 deals struck with the major multiples.
The Wine & Spirit Trade Association's latest report, published in December 2014 pertaining to the 12 weeks to October 11, 2014, showed that Spanish wine sales in the UK suffered double digit decline in the off-trade, with volumes down 13% to 740,000 hl and values down 7% to £502 million. However the average bottle price held up, up 7% to £5.09.