French wine and spirits exports hit new record in 2017
14/02/2018 11:58
* U.S. and Chinese demand are main drivers
* Sales up despite stronger euro exchange rate
PARIS, Feb 14 (Reuters) - French wine and spirits exports
rose to a new record in 2017 due to strong sales to the United
States and China, despite a stronger euro exchange rate, the
Federation of French Wines and Spirit Exporters (FEVS) said on
Wednesday.
Wines and spirits rank second in France for exports, behind
aerospace and ahead of perfumes and cosmetics.
"All French regions benefited from this export windfall,"
said Antoine Leccia, FEVS's new president, who spoke to Reuters
by telephone.
Export sales reached 12.91 billion euros ($15.94 billion),
up 8.5 percent on 2016, the federation said in a statement.
Wine sales also rose 6 percent in volume, recording their
first increase in five years.
Exports were mainly driven by the United States and China,
the first and third biggest markets for French wines and
spirits.
In the United States, sales rose 9.5 percent and broke the 3
billion euros mark for the first time, boosted by cognac, which
accounted for 40 percent of exports in value.
In China, where growth of the upper-middle class is driving
sales of luxury goods, shipments climbed 24.5 percent, to 1.2
billion euros, mainly due to cognac and Bordeaux wines.
Chinese customers have a better knowledge of products. They
buy more upscale bottles, Leccia said.
After a few lean years in China, LVMH LVMH.PA , Pernod
Ricard PERP.PA and Remy Cointreau RCOP.PA have had a rebound
in sales of cognac in the country.
In total, cognac exports rose by 10.8 percent to 3.07
billion euros in 2017. Wine sales increased 9.6 percent to 8.67
billion euros, including a rise of 7.4 percent to 2.82 billion
euros for champagne, FEVS said.
In Britain, France's second biggest export market for wine
and spirits, sales rose by 2.7 percent to 1.33 billion euros.
Champagne sales to Britain, though, fell about 4-5 percent, hurt
by the euro's rise against the pound after the Brexit vote.
($1 = 0.8098 euros)
(Reporting by Pascale Denis; writing by Sybille de La Hamaide;
Editing by Brian Love and Jane Merriman)
((mailto:Sybille.deLaHamaide@thomsonreuters.com; +331 4949
5145; Reuters Messaging:
rm://sybille.delahamaide.thomsonreuters.com@reuters.net))
Keywords: FRANCE WINE/