Hard times for the grape and wine sector in Chile, with a drastic drop in exports and slower domestic consumption, hitting the profits of both small and large industries and farmers.
Wine production in Chile this season is expected to increase 30% because of the excellent climate conditions. Some 13,4 million hectoliters are estimated which will also be a record production for Chile and most probably will overtake Argentina.
In a much-publicized report released Wednesday, US bank Morgan Stanley said that a worldwide fall in production and growing thirst for wine among Chinese and Americans would send prices rocketing. However industry experts say worldwide production actually rose this year.