Portuguese wine producers “on the verge of bankruptcy”

Portugal’s association of wine traders, Anceve, has called on the government for economic support as it warns rising costs have left many small- and medium-sized producers “on the verge of bankruptcy”.

Describing the situation as “urgent and imperative”, a spokesperson for the association said: “The continued rise in the prices of raw materials, bottling materials, transport and costs in general is pushing many small and medium-sized producers – which make up the majority of the business fabric of the wine industry -to the brink of bankruptcy.”

The association outlined a number of ways in which the government could provide assistance, including interest-free treasury support, assistance in the purchase of agricultural diesel, barrels and bottle stocks.

“Producers only managed to raise their selling prices by around 10%, so the overwhelming majority will show huge losses at the end of the year, if they manage to get there,” the statement continued.