Wine Prices and Exports Surge, Driven by Rising Demand for White Varieties

Hungary Today 2024.11.04.

In the nine months so far this year, the domestic selling price of domestic wine has risen by 7 percent to HUF 31,700 (EUR 1 = HUF 407) per hectoliter (1 hectoliter = 100 liters) compared to the same period last year, the Institute of Agricultural Economics (AKI) said. Among the higher quality wines with geographical indications, the processing price of white wines rose by almost 13 percent to HUF 30,200 per hectoliter, while the price of red and rosé wines increased by almost 15 percent to HUF 36,700 per hectoliter.

In the same period, the export price of Hungarian wines increased by 5 percent to HUF 30,300, while the selling price of white wines with geographical indications rose by 4 percent to HUF 26,400 per hectoliter, Világgazdaság wrote.

The prices of red and rosé wines in the same category, on the other hand, decreased, with a 7 percent drop to HUF 26,100 per hectoliter on the international market in the same period.

Among the wines with protected designation of origin, the average domestic selling price of Tokaj (northeastern Hungary) white wines was HUF 148,100 per hectoliter, not significantly changed between January and September 2024 compared to the same period in 2023. Among the red and rosé wines with protected designations of origin, the average domestic selling price of wines from Eger (northern Hungary) increased by approximately 5 percent to HUF 60,600 per hectoliter in the period under review.

Fact

A protected designation of origin (PDO) is a type of geographical indication in the European Union that aims to preserve the designation of origin of food products. It was created in 1992 and its main purpose is to designate products that have been produced, processed and developed in a specific geographical area, using the recognized know-how of local producers and ingredients from the region concerned. PDO wines are highly influenced by their place of origin and most of their quality depends on it. These regions usually have stricter winemaking laws concerning density of plantation, fruit yields, grape varieties and ageing. Some Hungarian examples of PDO regions are Villány, Eger, and Tokaj.

The average export price of Tokaj white wines increased by almost 1 percent to HUF 84,300 per hectoliter between January and September 2024 compared to the same period of the previous year. The selling price of red and rosé wines from Eger with protected designation of origin increased by 5 percent to HUF 68,100 per hectoliter.

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According to Hungarian Central Statistical Office data, Hungary’s external trade balance in wine without sparkling wine and semi-sparkling wine was positive in volume and value between January and July, up 24 percent in volume and 19 percent in value compared to the same period in 2023.

The volume of wine exports increased by almost 24 percent to 752,000 hectoliters, while their value rose by around 19 percent to HUF 27.3 billion.

Shipments of bottled wine rose by 26 percent to 199,500 hectoliters, while its value increased by almost 6 percent to HUF 12.6 billion.

Hungarian white wines continued to be the most sought-after on the international market, accounting for 82 percent of exports.

Wine imports also increased over the same period, reaching 34,100 hectoliters, up 14 percent year-on-year, and almost all of it in bottles. The total value of imports of bottled wine rose by 18 percent to HUF 2.8 billion.

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Via Világgazdaság; Featured image via Pixabay