“To substantiate the decision, several determining factors were taken into account, from the onset, without a doubt, the fact that there was a reduction of around 10% in sales of Port and DOC Douro wines in the period between January and May 2023, a drop in exports explained by the inflationary crisis in the main Port wine markets. Also taken into account were the existing stocks of Port wine companies, the history of quantities determined in previous years, economic expectations and interest rates. Another important element evaluated by the IC is the production forecast in the wine region for the next harvest, which according to the estimate released by ADVID (Association for the Development of Viticulture in the Douro Region) will be between 240.000 and 259.000 barrels, which represents an increase of about 10% in relation to the production of the 2022 harvest (which was 233.000 barrels).”
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