French wine and spirits exports have had another disastrous year: in 2025, sales to the United States and China fell by approximately 21%, leading to an overall decline in the sector’s international performance. This underperformance comes even though the United States remains the leading export market, while China continues to fall in the ranking of strategic destinations.
A Pillar of French Exports in Turbulence
Wines and spirits remain one of the leading sources of surplus in the French trade balance, with exports exceeding €14 billion in 2025, despite a decrease of 8% in value and approximately 3% in volume year-on-year. This contraction has reduced the sector’s trade surplus by approximately €1.1 billion, further weakening the entire French agri-food export market.
Behind these figures, an entire value chain is affected: winegrowers, champagne houses, cognac producers, and merchants are seeing their international markets shrink, at a time when production costs remain high.
USA: Tariffs and sluggish consumption
In the United States, French wine and spirits exports are projected to decline by approximately 21% by 2025, falling to around €3 billion, despite the US remaining France’s largest customer. Donald Trump’s return to the White House reignited a wave of trade tensions, with the threat of tariffs of up to 200% before the imposition of duties that were ultimately set at 10%, then raised to 15% starting in August 2025.
These tariff increases, combined with a less favorable dollar and the stockpiling of precautionary stocks at the end of 2024, severely impacted sales, particularly of cognac and champagne. Shipments fell below 30 million cases, indicating that the correction was not solely due to price but also to a genuine adjustment in demand.
China: Anti-dumping investigation and economic slowdown
In China, French wine and spirits exports fell by approximately 20%, reaching nearly €767 million in 2025. Beijing launched an anti-dumping investigation in early 2024 targeting wine-based spirits, primarily Cognac, in response to European tariffs on Chinese electric vehicles.
The agreement reached in mid-2025 resulted in a floor price that increased the cost of these products by 12% to 16%, reducing their competitiveness in a market already weakened by the economic slowdown, the real estate crisis, and restrictions on alcohol consumption at official events. As a result, Cognac suffered the most, with a drop of approximately 24% in the value of its exports, to €2.2 billion.
Wines, Champagne, and Cognac: Segments Affected Differently
While the shock has been particularly brutal for spirits, wines have not been spared: wine exports have fallen by approximately 4% in value, returning to a level close to that of 2021, around €10.5 billion. Champagne exports declined by about 4.5%, to €3.68 billion, while Bordeaux and Burgundy wines saw respective decreases of approximately 4.8% and 2.4%.
Spirits, meanwhile, have recorded a drop of about 17% in value, due to the combined effect of difficulties in the American and Chinese markets. The sector’s dependence on Cognac is clearly evident here: when this appellation falters, the entire French spirits sector catches a cold.
A sector caught between concerns and new growth drivers
For 2026, the industry remains cautious: trends observed at the end of 2025 do not yet suggest a genuine rebound, especially given the continued high levels of trade and geopolitical tensions. The Federation of Wine and Spirits Exporters is therefore calling on public authorities to fully implement the trade agreements negotiated at the European level and to support the opening of new markets.
Nevertheless, there are positive signs: India, Canada, Brazil, and certain countries in Africa and Oceania are showing double-digit growth in French wine and spirits exports. For the sector, the challenge will be to further diversify its markets, move upmarket where demand allows, and strengthen its resilience in the face of the political and economic shocks affecting its two historical giants, the United States and China.
