I Grandi Vini reports that global bulk wine trading contracted sharply in the first quarter of 2026, with volumes falling 15.5% to 720.4 million litres and value falling 15.3% to €581.2 million, according to analysis from Spain’s Interprofesional del Vino. Spain, one of the world’s major bulk suppliers, exported 468.1 million litres in the first half of 2026, down 21.1%, although the average price increased 10.2% to €0.55 per litre, indicating that lower volumes have not produced a uniform collapse in pricing. The figures point to a more selective international bulk market, with demand, origin, grape variety and wine type increasingly producing divergent price trends.