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Wine from Spain-Impact of Brexit

Even though a 15% more british tourists have arrived to the Spanish coasts this month of july ’16, the wine industry in Spain through its Industry body The Federación Española del Vino (FEV) fears that BREXIT will have a negative impact in its developments. The FEV has said that it considers the decision of the UK to leave the EU to be “bad news” for the Spanish wine sector.

As reported on GranConsumo.tv, a spokesperson from the organisation, which gathers people from the different areas of the Spanish wine industry, feels that the Brexit “will have repercussions in the medium and long term for the Spanish market”, which has historically seen the UK as one of its biggest customers. Actually number 2 after Germany.

In 2015, Spanish wine exports to the UK reached €356.1 million, placing the country as the second destination for Spanish wines, surpassed only by Germany.

The first negative effects, due to the fall of sterling, will likely “have direct consequences on our sector, such as the increase on the price of our wines in that market”, expressed the organisation.