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France expects slump in wine exports of up to 20 percent for 2009

Date
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18:38
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AW.YOOPRESS-CS arthur.wirtzfeld
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FRANCE

France expects slump in wine exports of up to 20 percent for 2009
Französische Erzeuger können ihre Weinbestände als Sicherheit für Kredite anrechnen lassen, so eine Vereinbarung mit der Regierung Sarkozy
According to a new agreement by the Sarkozy administration, French producers can now use their wine stock as collateral for loans

FRANCE (Paris) - French wine experts expect a slump in wine exports of 20 percent, i.e. a fifth of the usual amount, for 2009. "After the high losses in the first quarter of 2009 we are facing tough times", said Claude de Jouvencel, President of the Federation of Wine and Spirit (FEVS) in a press interview.

 

These forecasts were the basis of the youngest bill at a meeting of leading managers of the wine industry with representatives of the French government about the topic "support for vintagers".

"We agreed upon allowing our producers to use their wine stocks as collateral for loans", said secretary Eric Woerth in an interview with the press shortly before signing the bill. With this agreement, both sides hope that the wine industry will have more leeway in the current economic crisis and that closures or lay-offs can be widely prevented.

In 2008, France exported wines and spirits with a value of about 9.31 billion euro (13,2 billion US dollar) and thus was slightly below the record result of 2007. (aw-yoopress)

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