In the 1^st quarter of 2024

“Madeira” Wine sales fell by 9.9% in value, although the volume increased by 10.3%

According to data provided by IVBAM - Madeira Wine, Embroidery and Handicraft Institute, IP-RAM, the sales of “Madeira” wine reached 789.1 thousand litres during the first quarter of 2024, resulting in first-sale revenues of 4.8 million euros. Compared to the same quarter last year, there was a 10.3% increase in volume but a 9.9% decrease in value.

In the same quarter, sales within the national market amounted to 149.0 thousand litres, generating an approximate value of 1.2 million euros. Of this, 102.9 thousand litres were sold within the Autonomous Region of Madeira. Compared to the first quarter of 2023, sales in the national market showed negative trends both in terms of volume (-12.5%) and value (-18.8%).

Exports to European Union (EU) countries accounted for approximately 383.8 thousand litres, resulting in a valuation of 1.7 million euros. This represented an increase in both volume (16.5%) and value (19.4%). Meanwhile, exports to non-EU countries reached around 256.3 thousand litres, yielding revenues of 1.9 million euros. These figures correspond to year-on-year changes of +18.7% in volume and -22.5% in value.

Noteworthy positive trends within the European Union (EU) include increased sales to the French market (which remains the most significant market within the EU), with year-on-year changes of +23.2% in volume and +24.8% in value. Additionally, sales to the Dutch market saw substantial growth (+409.9% in volume and +274.5% in value), as did sales to the Swedish market (+30.5% in volume and +57.2% in value). On the other hand, the second most important EU market, Germany, experienced reductions of 34.8% in volume and 29.4% in value.

In non-EU markets, sales to the Japanese market increased significantly (+21.4% in volume and +4.2% in value). In contrast, sales to the United States declined more sharply (-29.1% in volume and -63.5% in value). Another important non-EU market, the United Kingdom, also saw negative performance (-0.5% in volume and -5.7% in value).

Notably, the pronounced negative change in value for sales to the U.S. (-63.5%) significantly impacted the overall change in the value of traded “Madeira” wine (-9.9%). It’s worth mentioning that while in the first quarter of 2023, each litre of bottled “Madeira” wine was sold to the U.S. at 19.06 euros, in the first quarter of 2024, that average dropped to 9.82 euros. This change is attributed to the higher volume of “frasqueira” wine (exceptional quality wine with indications of the harvest year and recommended grape variety) exported to the U.S. in the first quarter of 2023 compared to the same period in 2024.

Lastly, out of the total volume traded, 71.6% corresponded to bottled wine, sold on average at 7.35 euros per litre (compared to 9.01 euros per litre in the first quarter of 2023). The remaining wine was sold in bulk at an average price of 2.80 euros per litre (2.70 euros per litre in the same period last year).

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