Moldovan grape growers face bankruptcy despite good harvest

Chisinau, September 7 (Interfax) - Depressed grape prices are threatening many Moldovan grape growers with bankruptcy despite this year's good harvest.

Wineries are overstocked with wine produced from harvests in previous years, a state of affairs that has kept grape prices low.

Moldova began harvesting wine grapes on Monday, a week earlier than in 2008.

The weather this year was a lot better for grape-growing than last, with fewer rainy days and more sunshine. Moldova-Vin forecasts the wine grape harvest at 640,000-670,000 tonnes, of which roughly 100,000-140,000 tonnes will be sold in Romania and Ukraine. The wine grape harvest last year totaled 480,000 tonnes.

Wineries currently have 24 million-28 million dal of wine on hand. Specialists say that in the current season, wine grapes will sell at an average price of 10-15 cents per kilogram, not enough for grape growers to recoup expenses.

Moldova resumed wine exports to Russia in November 2007. Russia banned Moldovan wine imports on March 28, 2006 after finding substandard wine in deliveries from Moldova.