Asian consumers continue to feel the love for Spanish wine, with the continent overall accounting for 6.5% of the total volume and 11% of the total value of wine exported by Spain in the first half of 2019. Those exports reach 32 markets, although 81.5% of products head to China, Japan and South Korea, according to a report by the Spanish Wine Market Observatory. It’s also worth noting that the highest average prices are in Hong Kong, Jordan, Bahrain and Myanmar.
In terms of countries, Japan is in second place, with wine exports increasing by 34% in volume and 28% in value there. Of all destination markets in Asia, Japan registered the greatest growth in absolute terms and currently accounts for 30% of sales on the continent. This performance may be attributable, at least in part, to the entry into force of the EU-Japan Economic Partnership Agreement. Wine lovers in Japan prefer higher-end, value-added wines, such as those from PDOs, and still wines are particularly popular, reflecting growth of 28% in volume and 23.4% in value. Sparkling wine exports also rose, by 45% in volume and 35% in value.
South Korea is the third-largest market for winemakers from Spain, accounting for 8% of the volume and 7% of the value of all wine exports to Asia in the first half of 2019. Consumers here prefer still wine, although it’s also worth noting that sparkling wine imports increased by 15% in the first half of 2019.
One final issue that has helped buoy exports is the entry into force on February 1st of the Economic Partnership Agreement between Japan and the European Union. This deal removed trade barriers, thereby boosting European exports to Japan.