The best regulated crypto exchange
Find out why?

Poor weather drains world output of wine

By Alison Hunt
October 31, 2019, 3:54 PM GMT
Small
Medium
Large

    Europe badly hit as production falls 10 per cent after bumper 2018

    Bad weather has hit the wine industry, with global wine production estimates falling by about 10 per cent, according to the International Organisation of Vine and Wine (OIV).

    The organisation collected wine production information from 28 countries, representing 85 per cent of the world’s production in 2018.

    While 2018 was a bumper year for wine production, with 294mhl (million hectolitres) produced globally, 2019’s offering is a reduced 263mhl.

    The two largest producers in the European Union, France and Italy, recorded a 15 per cent fall in production, with Spain down 24 per cent. These countries account for 80 per cent of total EU output and all three produced less than their five-year average.

    The fall in production is down to the weather, according to the OIV report, notably “a very cold and rainy spring followed by an extremely hot and dry summer”.

    South America’s two largest producers also recorded drops in production, with Argentina down by 10 per cent and Chile 7 per cent.

    However the weather was kinder in the US where production is estimated to be down by just 1 per cent on the 2018 bumper year, although this forecast will need reviewing.

    Despite a drought that affected its grape harvest, South Africa increased its wine production by 3 per cent, after a poor return in 2018.

    Tokenised securities are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how tokenised securities and leverage work and whether you can afford to take the high risk of losing your money. Nothing in the above article should be regarded as a recommendation to trade generally, to trade on a particular platform or to trade in a particular asset. Asset prices can go down as well as up and past performance is not a guide to future performance. Investors and traders should thoroughly research an asset or strategy before making any trading or investment decision and if necessary seek professional advice.

        Small
        Medium
        Large
        Subscribe to Currency.com news
        The most beautiful trading app
        google play storeapple store