Global Wine Exports Drop to Decade Low as Trade Value Falls 2.3% in First Half of 2025

The global wine trade experienced a downturn in the first half of 2025, according to customs data from various countries analyzed by the Spanish Wine Interprofessional Organization (OIVE). Between January and June, worldwide wine exports fell by 2.3% in value and 3.7% in volume compared to the same period in 2024. The total volume reached 4.68 billion liters, with a value of €16.7 billion. The average price per liter increased slightly to €3.57, up six cents from the previous year.

All major wine categories saw declines in both value and volume, except for grape must (customs code 220430), which grew in value. Bottled wine, which accounts for the largest share of global trade, led the losses with a 3.1% drop in value to €11.3 billion and a 4.8% decrease in volume to 2.37 billion liters. This represents a reduction of €366.8 million and 119.4 million liters compared to the first half of 2024.

Sparkling wines also declined slightly, down 0.3% in value and 0.4% in volume, totaling €3.73 billion and 479 million liters—13 million euros and two million liters less than last year’s first semester. Bulk wine exports dropped by €5.7 million and 40.2 million liters, reaching €1.27 billion (-0.4%) and 1.62 billion liters (-2.4%). Bag-in-box wines lost 1% in value and 5.3% in volume, amounting to €345 million and 175 million liters.

Among major exporting countries, France increased its share as the world’s top wine exporter by value, reaching €5.53 billion (+0.9%), an increase of nearly €50 million over last year’s first half. In terms of volume, Italy remained the leading supplier with just over one billion liters exported (-3%). Spain, the third-largest exporter by value and second by volume, saw declines of 2.3% in value and 3.5% in volume, losing €34.8 million and 37.1 million liters compared to the same period last year.

Only New Zealand managed to increase both its export value (+3%) and volume (+17%) during this period, while France grew in value and Portugal in volume among other major suppliers. The United States had a particularly negative semester, especially in value terms, losing €178.4 million due to falling sales in Canada—a result linked to U.S. tariff policy on imported wines. Other significant exporters such as Germany, Australia, Chile, and South Africa also reported declines.

The first half of 2025 marked the third consecutive semester of declining global wine trade value since the record high set in the first half of 2022 (€17.8 billion). In terms of volume, it was the lowest semester in the past decade; only the first half of 2010 saw lower figures.

Looking at annualized data through June 2025 (covering July 2024 to June 2025), global wine trade reached 9.66 billion liters (-2.3%) with a total value of €35.6 billion (+0.4%). The average price per liter rose by three percent to €3.68 compared to the previous twelve months.

The composition of global wine exports by product type shows that bottled wines made up about half (51%) of total volume but nearly two-thirds (68%) of total value due to higher prices per liter. Bulk wines accounted for 35% of volume but only about 8% of value, while sparkling wines represented about 10% of volume and 22% of value.

France maintained its position as the top exporter by value, with an average price per liter of €8.80 (+2.7%). The United States had the second-highest average price at €4.02 per liter but saw a sharp decline (-23%) due to reduced bottled wine exports to Canada and an increase in bulk wine shipments at lower prices.

The introduction of a universal U.S. tariff of 10% on European Union wines in April influenced trade flows during this period. In the months leading up to the tariff’s implementation, U.S. imports from France, Italy, and Spain increased as importers stocked up before higher costs took effect.

Overall, France, Italy, and Spain together accounted for more than half (57%) of global export volume and nearly two-thirds (65%) of export value during the first half of the year.

The data reflect a challenging period for the international wine market, with most major producers facing declines amid shifting trade policies, changing consumer demand, and ongoing adjustments following the pandemic recovery that peaked in early 2022 for value and late 2021 for volume. The only consistent growth has been seen in average prices per liter, which have risen steadily since early 2021 but now appear to be stabilizing at historically high levels.