U.S. whisky imports to South Africa surge
By Luyolo Mkentane - Jul 5th 2018, 10:39
US whisky imports to the country grew to over US$10m last year. The imports surged by more than 17 percent in 2016, from US$8.9m to over US$10.5m in 2017.
Christine LoCascio, senior vice president for international issues and trade at the Distilled Spirits Council of the United States, described the growth as in line with an upward trend on all American distilled spirits imported to South Africa over the past year.
The council, which represents US producers, marketers and exporters of distilled spirits, said US spirits sold around the world hit a new export record in 2017, as they surged 14.3 percent from 2016 to US$1.64 billion.
“Consumer tastes for premium American spirits and favourable exchange rates are supporting global sales, particularly as American whiskeys are driving the fast-growing cocktail market,” said LoCascio.
“International adult consumers are exploring more expensive US spirits, driven by their fascination with American whiskey’s heritage and its versatility in cocktails.”
The top five markets for US spirits are the UK, Germany, Brazil, France and Spain. However, LoCascio said American whisky exporters were showing new interest in South Africa as an export destination.
“The key export growth drivers for US spirits are Tennessee Whiskey and Bourbon, particularly in the Premium and Super Premium categories, while the more specialised American Rye Whisky is also starting to show strong growth,” she said.
FNB senior agricultural economist Paul Makube said the fact that there was a surge in whisky imports from the US meant there was “growing demand” and an opportunity to raise local production to increase market share.
“(Whisky) consumption is on the rise spurred by the expanded middle class,” said Makube, adding that increased incomes and upward mobility into the higher LSMs was driving the whisky trend in the country.
“This is a niche market and unlikely to fade in the short to medium term as this segment of the market is relatively resilient despite the economic slowdown. Consumption will increase further as the economy recovers in the medium to longer term,” added Makube.IOL
Retail sales beat expectations in February
19/04/2019 - 12:39
SA shoppers spent more than expected in February, with retail sales growing 1.1% year on year, led by expenditure in the textiles, footwear and clothing sector.
Chicken prices may spike by up to 32% due to tariff increases, says importers
18/04/2019 - 09:22
Increasing tariffs on imported poultry products could hike chicken prices by up to 32%, says consumer bodies and importers and exporters organisation.
Inflation accelerates in March after painful fuel price increase
17/04/2019 - 13:29
Another fuel price hike in March led to inflation hitting the midpoint of the Reserve Bank’s 3%-6% target range.
Moody’s expects SA confidence to rise after elections
17/04/2019 - 09:13
SA is expected to see a surge in confidence following the elections in May, as the current administration under President Cyril Ramaphosa is continuing to gradually move forward with the implementation of its reform agenda, Moody’s Investors Service said.
Motorists should brace for another petrol shock
16/04/2019 - 08:20
Unexpectedly strong international fuel prices have raised the likelihood of an unwelcome fuel price hike for petrol users in May.