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Paris - The party's over: French wine exports have plunged 25 percent in the first half of this year as consumers worldwide scaled back on non-essentials amid the global financial crisis, exporters said on Thursday.
The Federation of French Exporters of Wines and Spirits said exports totaled €3.28bn, down from €4.35bn in the same period last year.
The group, which represents 85% of France's wines and spirits exporters, said exports of luxury products such as Champagne and Cognac fell 45% and 27% respectively. Exports of less expensive table wines fell only 1%, the group said.
The Federation's president Claude de Jouvencel, said in a statement that he expected the market would stabilise in the second half of the year when wine sales are traditionally high because of the holiday season.
- Sapa-AP