Portugal exported more than €737 million of wine last year, a record result with sparkling wines the most profitable for producers.
The volume of wine exports actually fell but the price achieved for Portugal's ever increasing quality rose for the sixth consecutive year.
The average trade price achieved was €2.63 litre with a 2.8% increase in price over 2014, according to the Institute of Vine and Wine, whose president considers the numbers "very positive."
The performance is exceptional as the traditionally lucrative Angolan market collapsed 24% in the year due to the country’s economy being largely reliant on the international oil price which of course has plummeted.
"Angola is the main extra-Community destination for Portuguese wines” says the Institute’s President, Frederico Falcão, adding that despite the decline, the sustained growth of the value of Portuguese wines exported over the last six years was instrumental in creating the record breaking sales figure for 2015.
The prices achieved per litre to many may look poor but in 2014, Portugal had the fourth highest producers average export price, surpassed only by France, New Zealand and the United States.
The sector has seen exports increase 20% since 2010, equivalent to €123 million with the largest contributors being sparkling wine whose average price is now €8.25 per litre, treble the price achieved in 2011.
Wines from the ever-popular island of Madeira are second in the price ranking, with a average of €6.31 per litre last year across all types, an increase of 26.5% over the last five years.
The United Kingdom pays the top price for quality imports of Portuguese wines with an average €4.02 per litre, followed by the United States and Canada, both at €4 per litre, and, surprisingly, Spain paying an average of €3.87 at trade price.
The drop in volume was from bulk produced cheapo wines, compensated for by Madeiran wines up 9.1% and posher estate bottled wines up 4%.
"Our aim is clearly to continue to grow every year and we have strong hopes that we will do it again in 2016," said Falcão who recognises the weaknesses of the Angolan and Brazilian markets, but believes it will be possible to overcome these limitations.
"It is natural that exports to Angola will fall a bit more, but hopefully the market will start to stabilise. However, we have huge new destinations to grow into such as China and Poland which will help address any weaknesses. Not to mention, of course, the strategic markets in the United States and Canada which are also growing."
