Just caught that French wine exports have been taking a hit for three years straight now. Last year they dropped another 8% to 14.3 billion euros, with volumes falling 3% to 168 million cases. Pretty rough considering since 2022 the whole sector is down 17% in value. Trade barriers from the US and China are clearly the main culprit here.

The US side got brutal with tariffs hitting 200% at one point, which killed demand especially in the second half - sales there tanked 21% to 3.0 billion euros. China's even worse though, down 20% to 767 million euros as anti-dumping duties crushed cognac shipments. Cognac specifically got hammered, down 15% in volume and 24% in value. According to the industry group, geopolitical tensions basically ended cognac's presence in China, and rebuilding that market won't happen overnight.

Not all bad news though - Europe held steady around 4.1 billion euros, UK actually grew 3% in volumes despite economic pressure. Some emerging markets are showing real momentum too. South Africa jumped 22% to 182 million euros, and Vietnam, Philippines, Australia all looking strong. So there's some diversification happening, but it's clear the traditional powerhouse markets are struggling with this whole trade war situation. 2026 outlook stays uncertain without better market access.