Bourbon production sets records
The best investment in lockdown era is alcohol
Despite the pandemic, the U.S. State of Kentucky, the world’s largest producer of bourbon, has produced a record quantity of whiskey. In 2020, nearly 2.5 million barrels were filled. It is the third consecutive year that more than two million barrels were produced.
The fact that the pandemic year has turned into a record year shows, according to industry experts, that producers in Kentucky have confidence in the future. Because of the trade disruption caused by the pandemic, but mainly because of Trump’s import tariff and trade war, bourbon exports to the EU fell by 37 percent. Exports to the UK, one of the main customers, even fell by 53%.
Record production in 2020 should contribute to significantly higher sales in the coming years when the pandemic is over and trade with Europe is normalized once the Biden government takes office. For the first time, 10 million barrels have been stored in the distillers’ warehouses. Bourbon must mature for four to eight years before it can be sold.
“This is a historic year,” said president Eric Gregory of the Kentucky Distillers’ Association on Monday. “Kentucky’s bourbon industry continues to invest in our state at an unprecedented level, despite global market disruptions caused by the pandemic, high taxes and ongoing trade wars.’