Image copyright Getty Images Image caption Wine exports were worth an estimated €8.9bn in 2016
There is likely to be a new economic driver for France. But this time, it will be a benefit, not a burden.
Asda’s retail boss Roger Burnley has described the fall in prices of French wine as a “huge boost” for the retail sector, which employs over one million people.
And he explained the British public were far from drunk on this stuff, having only spent about £120 million on French wine last year.
France’s wine exports have taken a massive hit over the past decade. In 2004, the figure was nearly £4bn.
Image copyright Getty Images Image caption Wine exports from France were worth an estimated €8.9bn in 2016
By 2015, the figure had slumped to an estimated €3.9bn – partly due to the strong euro.
Wine industry experts told France24: “The current figures confirm the terrible misfortune of the French wine industry over the past 15 years.”
But could things be looking up?
Firstly, French exports are in freefall – having fallen by more than 90% since their 2004 peak.
And despite the current difficulties, the news may be better still.
Growth in wine production has been strong, and wine prices have fallen by a third in the past year.
Asda’s Roger Burnley told the BBC: “We expect France’s exports to Germany and the UK to get back on the up later this year. In fact, France’s exports are likely to grow at a rate of up to 5% in 2020.”
Image copyright Getty Images Image caption Dutch retailers tried to lure shoppers with a £1 French wine instead of ‘indulgent’ British wine
Image copyright Getty Images Image caption Snowy weather in France hit wine production as growers rushed to pick their crops
Whatever you make of retail chiefs talking optimistically about a European wine buyer (according to a survey published last month), it appears that there could soon be a sense of optimism in the French wine industry.
That’s something that’s being observed by the industry as a whole.
Parliamentary members are keen to see the figure recover, and opinion polls show that French consumers are looking for more alternatives to British wine.
And by 2030, according to a report released this week, the share of French wines consumed in the UK will fall from 30% to 25%.