Chile has risen to become a leading fine-wine producer, now ranking as the fourth largest wine exporter and the second largest supplier of wine to China. Despite facing a smaller harvest in 2023, it has successfully increased shipments to China. The UK remains a significant market, showing a growing appreciation for Chilean wines, particularly its red varieties, which dominated a recent tasting event in London.
Chile has emerged as a prominent fine-wine producer, competing closely with Australia as the world’s fifth largest wine producer, following Italy, France, Spain, and the United States. Notably, Chile ranks as the fourth largest wine exporter, significantly surpassing Australia. The country has made impressive strides in the Chinese market, becoming the second largest supplier of wine to China after France, aided by a free-trade agreement established in 2015. This agreement eliminated taxes and duties, allowing Chilean wines to flourish in a market that has seen Australian wines restricted due to tariffs from 2021 to 2024.
Unexpectedly, in 2023, Chile faced a small harvest, yet managed to export more wine to China than to its traditional markets, the UK and the US. However, the UK reasserted itself as Chile’s most passionate wine importer last year. In the United States, opinions on Chilean wine have historically favored affordable options. Nevertheless, this perspective may be shifting, particularly after Wine Spectator recognized Don Melchor’s 2021 vintage as the wine of the year.
Towards the close of the previous year, Peter Richards and Susie Barrie, both Masters of Wine, curated a tasting event in London, highlighting 53 Chilean Wines of the Year. This gathering attracted trade buyers, showcasing an array of Chile’s wine offerings, particularly its esteemed red varieties. An impressive count of 35 out of 53 sampled wines were reds, predominantly showcasing Cabernet Sauvignon and its blends. Among these, El Principal’s 2022 Memorias blend stood out for its exceptional value, comprising a distinctive mix of Cabernet Sauvignon, Petit Verdot, and Cabernet Franc.
Notably, regions like Pirque, near Santiago, are ideal for growing Cabernet due to their unique soil and climate, making Puente Alto a key area akin to Pauillac in France. This underlines the rich terroir that Chile offers, solidifying its place as a producer of quality fine wines.
In conclusion, Chile’s ascent in the fine-wine domain underscores its ability to adapt and thrive in global markets, particularly in China, where it has successfully overtaken Australia due to advantageous trade agreements. The wine industry in Chile continues to evolve, with an increasing appreciation for its high-quality offerings, especially in red varieties. Such developments highlight Chile’s promising future in the international fine-wine scene.
Original Source: news.wine.co.za
