LISBON, Jan. 6 (Xinhua) -- Portugal's wine sector expects exports to reach 1 billion euros (1.17 billion U.S. dollars) mark by 2026, driven by market stabilization, diversification beyond the United States and higher average export prices, the Institute of Vine and Wine (IVV) said Monday.
Francisco Toscano Rico, president of the IVV, Portugal's official wine statistics and regulatory body, announced the forecast following a visit to wine producers in the Tras-os-Montes region.
Lusa News Agency quoted Toscano Rico as saying that the wine sector missed the 1 billion euros mark in 2025 largely due to the U.S. tariffs. The instability and contraction resulted from the tariffs had weighed heavily on exports.
The 1 billion euros mark is regarded not only as a quantitative target but also as a milestone signalling a shift in the structure of Portuguese wine exports.
The growth projection is based on expectations of stabilization in key markets, continued diversification beyond the United States and a sustained rise in average export prices, rather than on a rapid rebound in U.S. demand.
The United States, Brazil, the United Kingdom and France are currently the main destination markets for Portuguese wine.
Despite a significant drop in exports to the U.S. market, the stabilization of rules, even with a 15 percent tariff in place, could create conditions for renewed growth in 2026, Toscano Rico said. (1 euro = 1.17 U.S. dollar) ■
