French wine exports take a plunge

THE party’s over: French wine exports have plunged 25 percent in the first half of this year as consumers worldwide scaled back on non-essentials amid the global financial crisis, exporters said.

The Federation of French Exporters of Wines and Spirits said exports totaled €3,28 billion, down from €4,35 billion in the same period last year.

The group, which represents 85 percent of France’s wines and spirits exporters, said exports of luxury products such as Champagne and Cognac fell 45 percent and 27 percent respectively. Exports of less expensive table wines fell only 1 percent, the group said.

The Federation’s president Claude de Jouvencel, said in a statement that he expected the market would stabilisein the second half of the year when wine sales are traditionally high because of the holiday season.