From the BIVB:
“The stocks of wine held by Burgundy wine growers are dwindling, as can be seen from the records published by the customs and excise authorities of volumes remaining in the cellars at domaines at the end of the last campaign, in July 2007: 1.31 million hectolitres – well below one year’s harvest worth in stock (approx. 1.5 million). The last time the level was so low was in July 2000. This is a significant 13% drop on the July 2006 figures and affects all categories of AOC, both whites and reds (-15% for reds and -12% for whites). There are several reasons underlying this change. Firstly, more stringent selection processes limited the volume of harvests in 2006 and 2007. In addition, worldwide consumption is increasing (cancelling out recent global overproduction), accompanied by a search for better quality, more structured sales organisation on the part of companies in the region, and the current fashion for varieties such as Chardonnay and especially Pinot Noir. All these factors have been favourable to the growth in exports of Burgundy wines.”
Comment: I think that these results can largely be attributed to the demand for the 2005 vintage – it is telling that the last time stocks were so low was just after the acclaimed 1999 vintage; a high proportion of domaines have already sold their remaining stocks, which is quite unusual for many. Price seems hardly an issue so far, but it will be interesting to compare these results in 1 and 2 years time, where the subsequent vintages may require significantly more effort to generate demand.