International Trade of Wine

International Trade of Wine

I choose the topic of International Trade of Wine for my Photo Essay because this is something that really interests me in my personal life as well as my professional life. I study Global Business with the hopes of obtaining my Customs Broker License as well after I graduate this semester. International Trade is the oldest and most important trade that has been around and continues to hold true to its roots even to this day. As well as the production and distribution of wine all around the world, which has been dominated by certain regions and is now beginning to be challenged by the emerging economies.

The International Trade of wine is not as simple as people imagine, just like any other product. It is truly a fascinating process to track how this iconic alcoholic beverage became to be what people all around the world, simply buy at the store and share with their friends over dinner. The history of wine spans thousands of years and continues to still make history everyday with the new wine producing economies forming like, China. The BRIC countries are really pushing the limit and trying to make a market for their new wine venture and I think that the world is eager to test these wines and willing to try them.

It is not hard to see why a few regions in the world have long dominated the wine market if we take a look at some of the International Trade Theories. The fact of the matter is that possibly all countries could make wine and maybe even the wine producing countries could produce other products better or equal to the other countries. The Comparative Advantage Theory is one that I think fits the current situation of the wine markets and may explain why the top producers have been unchallenged for so long. Globally, the two countries that are leading the wine production and consumption businesses are France and Italy. However, the irony is that these two countries are also witnessing a steady erosion of their global market share. These markets are also predicted to continue losing their market share of global consumption.

In my opinion, the most interesting turn of events in the wine industry has been the rising popularity of wine tourism. This is a new form of marketing of a very ancient business and has become almost a hobby for wine enthusiasts around the world. Wine tourism is something that has sparked my attention and although I have yet to visit a vineyard and experience the craze myself, I am currently planning a trip to Martha's Vineyard. These vineyards have turned into weekend get-away and little paradise spots for couples as well as friends. As someone who has worked in the import/export industry with produce, I think it is always a positive thing