Harvest is down by 18% compared with the 2019/20 harvest, leading to a 77% decline in the net profit made by wine farms.
At farm level, gross margins have declined by more than 50% to as low as R3 500 per hectare during 2020.The report found that lower prices will further reduce producer margins during 2021 and as a result gross margins will decline by close to 70% from the baseline. Investments valued at R6 billion were suspended, the GDP loss amounted to R51.9 billion and R29.3 billion was lost in tax revenue.Domestic wine consumption declined by 15% and exports by 11%.
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It hasn’t been easy to keep their heads above waters.