Spanish wine exports to Latin America and the Caribbean experienced a decline in 2023, with a 10.3% decrease in volume to 63.6 million liters and a 7.8% drop in value to 193.2 million euros. This reduction followed a record-breaking year in 2022, showcasing a significant shift in market dynamics. The average price per liter increased by 2.8% to 3.04 euros, the highest since 2013, as reported by the Spanish Wine Market Observatory (OEMV). Despite these changes, the region's contribution to Spain's total wine exports diminished, representing only 3.1% in volume and 6.6% in value out of Spain’s global wine export figures.
Mexico remained the largest market for Spanish wine in the region, accounting for about 40% of Spain’s total exports to Latin America and the Caribbean, even as it witnessed a 4.8% decrease in volume and a 10.8% reduction in value. In contrast, Brazil exhibited significant growth, becoming the second-largest market with a 14.7% increase in volume and a 29% rise in value, achieving the highest average price in the last five years at 2.76 euros per liter. Meanwhile, the Dominican Republic saw a decrease in both volume and value of Spanish wine imports, with an 8.6% increase in the average price per liter to 2.89 euros.
Colombia and Venezuela experienced the most significant declines in Spanish wine imports, with Colombia's imports halving in volume and dropping 36% in value, and Venezuela's imports decreasing by 35.2% in volume and 28.7% in value.