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Italian Wine Exports – Downturn in Both Volume and Value

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European Supermarket Magazine is reporting that in 2023, Italian wine exports experienced a downturn in both volume and value across its five principal export markets, decreasing by 4.4% and 7.3% respectively, amounting to €4.45 billion.

This decline was particularly marked in the United States, Canada, Japan and the UK, with only Germany witnessing a 7% increase in exports, buoyed by a significant rise in bulk wine orders. The overall decrease is attributed to an oversupply at local distributors in the US, alongside similar declines in other key markets.

The sector faced challenges such as rising production costs and falling average prices, the latter influenced by a shift towards cheaper bulk wine and large formats, which contrasted with reductions in bottled and sparkling wines. However, sparkling wines did see a 5% price increase.

The broader context for these trends includes a general destocking by importers, inflationary pressures, and decreased consumer spending, affecting all wine-producing nations. Global wine imports by the top five buyers fell by 7.5% in value and 6.7% in volume, with France experiencing a more severe volume decline than Italy but a lesser drop in value.