Author: Sharon Nagel
Global bulk wine shipments experienced double-digit declines in volume and value during the first half of 2026, hit by falling consumption, geopolitical disruptions and shifting trade flows. Yet behind the headline figures lie a number of unexpected developments, as Rafael del Rey explains in this interview based on his latest report.
The latest data for H1 2026 shows a sharp contraction in the global bulk wine trade.
How severe is this downturn compared to the rest of the wine industry?
According to the data, bulk wine has been hit harder than any other category, and despite its traditional resilience, it has not escaped the broader decline affecting the wine sector.
Two main factors explain the contraction during the first half of the year. The first is the sharp reduction in trade between producer countries, which accounts for a significant share of the decline. This is especially important for Spain, whose exports to both Italy and France fell substantially.
Spain’s bulk exports are heavily dependent on four key markets: France, Italy, Germany and Portugal. When demand weakens in one or two of these destinations, the impact on Spanish shipments is immediate. Both Italy and France currently hold relatively high inventories as production continues to outpace sales, reducing their need for imported wine.
In Italy, demand can fluctuate dramatically from one year to the next, while France tends to be more stable. Even during periods of crisis and distillation, it continues to import around 3 million hectolitres of Spanish wine annually. Bulk wine shipments to end markets also faced several headwinds during H1.
Trade from Canada to the United States declined amid ongoing commercial tensions. New Zealand’s exports also fell, particularly in va...
