Sharp Drop in Spain's Vermouth Exports to $9.1M in July 2023

Sharp Drop in Spain

After experiencing growth for two consecutive months, Spain's vermouth shipments to international markets declined significantly by 47.7% in July 2023, reaching a volume of 6.9M litres. Although exports had a slight decrease overall, the most substantial growth rate was observed in June 2023 with an 82% increase compared to the previous month, resulting in the peak export volume of 13M litres. However, this peak was followed by a noticeable decline in the subsequent month. In terms of value, vermouth exports from Spain sharply contracted to $9.1M in July 2023. While exports experienced a minor downturn, the most significant growth rate occurred in March 2023, with a 39% increase compared to the previous month. June 2023 marked the highest export value at 11M litres, followed by a marked drop in July. France emerged as the primary destination for vermouth exports from Spain, accounting for 27% of total exports, surpassing Portugal, which stood at the second position with half the volume. Belgium secured the third spot with a 9.2% share. France also remained the leading foreign market in terms of value, constituting 22% of total exports, followed by Belgium with 7.9% and Portugal with a share of 7.6%. The vermouth export price in July 2023 reached $1.3 per litre, experiencing a 55% increase compared to the previous month, while showing a relatively flat trend overall. The highest price was observed for exports to Mexico ($2.3 per litre), whereas exports to Portugal had one of the lowest average prices. The United Kingdom had the highest rate of price growth at 2.6% between July 2022 and July 2023, while the other major destinations witnessed more modest growth rates.

Source: IndexBox Market Intelligence Platform

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