The European wine export cycle

• Leonida Correia ^[1] ; Sofia Gouveia ^[1] ; Patrícia Martins ^[1]
  1. [1] Universidade de Trás-os-Montes e Alto Douro

     Universidade de Trás-os-Montes e Alto Douro

     Vila Real (São Pedro), Portugal

     
• Localización: Wine Economics and Policy, ISSN-e 2212-9774, Vol. 8, Nº. 1, 2019, págs. 91-101
• Idioma: inglés
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• Resumen

  • Europe is the world's largest wine-producing and wine-exporting region. In recent decades, fostered by the liberalization of internationaltrade, the European wine industry has witnessed an acceleration in its exports, but this increase has been far from steady. It has fluctuatedconsiderably in the short term, where periods of rapid growth have alternated with slow or negative growth. In this context, it is of particularrelevance to know the temporal dynamics of the fluctuations in wine exports and to discover whether there are cyclical co-movements with theEuropean wine export cycle. This paper analyzes the cyclical synchronization of wine exports for the ten main European wine-producingcountries with the aggregate European wine export cycle since the inception of the European Economic Community. The main objective isto investigate whether there has been a“European”wine export cycle over the last six decades. The cycles of wine exports are obtained using de-trending techniques, and Spearman's rank correlations and concordance indices are calculated to analyze the synchronization and interactionbetween cycles. The results for the exports, by value, revealed a strong degree of synchronization over the whole period for the majority of thecountries, with a tendency to grow over time.