Date£º
2017-04-21 10:11 Source£º
www.thedrinksbusiness.com Author:
Natalie Wang Translator:
Prices for Chilean wines are expected to rise after a turbulent 2017 vintage that has resulted in serious production loss in some areas according to reports.
Vineyards in Chile (Photo source: Wines of Chile)
Chile¡¯s most recent grape harvest saw volumes fall 10% after heavy rainfalls coupled with record hot temperatures and forest fires over the summer, the second year in a row when the country¡¯s wine production was cut short, according to a report by Bloomberg citing estimates by the country¡¯s Agriculture Ministry.
This has threatened to push up costs for the country¡¯s largest wine producer Viña Concha y Toro.
Higher costs and the effect of a strong peso will also play out to affect Concha y Toro¡¯s exports, according to BTG Pactual.
Chilean bank Banchile, warned earlier this year that that wildfires fuelled by the high temperatures will adversely affect grapes and wine production in 2017, ¡°eliminating any potential growth for the industry¡±.
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