Rabobank Quarterly Q4 2020 Report

Rabobank Wine Quarterly Q4 2020

What the Wine Industry Can Learn From Conchay Toro (and Constellation Brands)

Building Resiliency

While the Covid-19 crisis has weighed on results of most wineries, Chile's Vina Concha y Toro posted outsized growth in its most recent earning call. While some external factors have clearly moved in its favor (e.g. exchange rates), we argue that the growth is mainly driven by its recent efforts to adjust its strategy. We see numerous similarities with changes implemented by ...

Export Trends

The pandemic, coupled with geopolitical tensions and rising tariffs, has weighed on exports of major wine producers. New Zealand was the major exception, and it continued to see solid growth ...

US import trends

The value of wine imported into the US in the first half of 2020 declined 6%, but volume rose 7%. France saw the biggest declines in the period, as a result of the increased tariffs, while volume growth was driven by less traditional categories, such as ...

Currency Outlook

USD weakness was again a theme through most of the third quarter, though this couldn't prevent the ARS from losing more ground amid capital flight and a draining of FX reserves. Against most crossed, the greenback softened amid a revival in risk appetite, in part fueled by the huge liquidity provision on offer by ...