Spain remains world's largest wine exporter as exports help drive economic recovery

Tue 24 Apr 2018
Posted by: Sam Pileggi
Trade News

Spanish vinyard


Spain has retained its title as the world's largest wine exporter, significantly ahead of Italy and France, exporting 22.8 million hectolitres of wine last year.

Its nearest rival, Italy, exported 21 million hectolitres of wine last year, with France lagging behind in third place in volume terms, although it leads the way in value terms with export sales worth €9 billion. The value of Spain's wine exports stood at €2.8 billion last year.

Exports, such as wine, have helped to drive an economic recovery as the Spanish economy has grown at above 3 per cent for the past three years, well above the eurozone average. The International Monetary Fund has raised 2018 growth forecasts from 2.4 per cent to 2.8 per cent, outstripping France, Germany and Italy.

Rating's agencies Moody's, Stand and Poor's and Fitch have all upgraded Spain's sovereign debt ratings, whilst unemployment is down from 26 per cent in  2013 to 16 per cent today.

Exports now make up a third of national output, compared to a quarter before the financial crisis, with Standard and Poor noting that if external risks such as the rise of global protectionism increase, Spain’s export sector will continue to reap the benefits thanks to its increasingly competitive stance in the international market.