Southern Hemisphere
With total exports 25% lower than last year, Chile is expected to end the year with its highest-ever excess inventories. Argentina, despite one of the smallest harvests ever, still has good availability, as the falling export figures show. And in South Africa, domestic sales now exceed exports.
Northern Hemisphere
Europe's crop forecasts — despite likely yield losses in some regions — have not yet served to fuel the market either. Only falling inflation rates in some markets are causing cautious optimism, perhaps boosting the global wine economy again.
