According to the updated overview of TBC Capital on Georgian Wine Sector, Georgian wine dependency on the Russian market has decreased from 90% in 2005 to 56%. However, despite this diversification, in 2021, Russia (56%), Ukraine (10%) and CIS other countries (10%) were the main exports markets for Georgia.
TBC Capital projects that compared to 2021, Georgia’s wine export will decline by 20-40% in 2022 in total. Imports in Russia will be cut by 30 to 50% depending on how the events unfold in Ukraine and what pressure international sanctions have on Russia’s economy.
Later this week BMG TV visited GWS winery and talked to its CEO and Chief winemaker Phillipe Lapse on many topics including the perils of doing wine business in Georgia. Here’s what the renowned winemaker has to say about the meaning of market diversification.
Philippe Lespy, CEO of GWS on Exploring New Wine Markets
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