11.Oct .2021 23:00

Wine Sector Showed Resilience To Covid-19 Crisis - Galt & Taggart

Wine Sector Showed Resilience To Covid-19 Crisis - Galt & Taggart
views 454
Back

The wine & spirits sector showed resilience to Covid-19 crisis, with a turnover down by just 2.1% y/y in 2020 thanks to external demand, - according to the Galt & Taggart.

The report reads, that despite pandemic-related market disruption, wine exports reduced by just 5.6% y/y to US$ 210.3mn in 2020, far below contraction level during previous crisis of 2015, when exports almost halved.

Meanwhile, brandy exports increased by 6.7% y/y to US$ 113.2mn. Notably in 2020, the wine exports growth continued to new target markets (particularly to Poland, US, UK and Baltic States), partly offsetting export decline to Russia. In 1H21 wine exports growth accelerated significantly, surpassing also pre-pandemic level.