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May 30, 2022 View:

Brexit to have little impact on Portuguese wine sector for now

The Portuguese Wine and Spirits Association (ACIBEV) told the media on January 10 that the Portuguese wine industry has remained calm for the time being after the UK's exit from the European Union and that no problems are expected with exports to the UK in the absence of an economic crisis, according to a comprehensive report by the Portuguese newspaper.

Photo courtesy of: Huayu

As explained by the association, Portuguese wine exports could only be affected if there is an economic crisis in the UK. But the economic crisis will only be caused by the covid-19 pandemic, not by the UK"s withdrawal from the EU.

On the other hand, the appreciation of the pound could also affect Portuguese wine exports, but ACIBEV stresses that this will not happen.

The new trade and cooperation agreement between the UK and the EU contains an annex specifically for the wine trade, which, according to the association, contains provisions that will facilitate trade, namely simplified certification requirements that allow producers to self-certify the conformity and quality of their wines.

Portuguese wine exports to the UK increased by 17.5% between January 2020 and October 2020 compared to the same period INE and the Institute of Vine and Wine (IVV), according to data from the National Statistics Institute.

Also according to APCOR (founded in 1956, an employers' association representing 278 companies and accounting for 80% of the industry's turnover), the cork industry remains optimistic about the UK, even after the UK has withdrawn.

In 2019, the UK ranks sixth in Portugal's cork export market.APCOR says we continue to look at this market with optimism.