SOUTH Africa’s wine industry is poised for a comeback, driven by rising local demand and the growing popularity of white wines like Cap Classique and Chenin Blanc in China. Exports of Cap Classique to China rose by 4% in 2023, despite a decline in overall wine exports.
Although South Africa’s wine exports to China shrank in 2023, that market remains a vital growth area for the local wine industry, with its market share steadily increasing since 2019. This year, the Chinese market is anticipated to expand further, fuelled by post-pandemic recovery and growing demand for white wines – providing a significant opportunity for South African producers.
Domestically, wine consumption reached a record high in 2022, even as global consumption declined since 2018. The wine tourism sector now contributes over R3 billion to GDP and supports over 270 000 jobs.
Bridgette Kruger, Standard Bank’s head of private banking in South Africa says despite some setbacks in South Africa’s export volumes in 2023, this is a growing industry.
She adds: “As a bank, we want to play a larger role in supporting local producers by connecting them to a broader consumer market.”
Kruger says that this is the reason Standard Bank partnered with WineX to make the Sandton festival even bigger than last year. Taking place at the Sandton Convention Centre from 30 October to 1 November, the 2024 WineX festival promises an unparalleled experience, blending premium wines with a vibrant, sophisticated crowd.
