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Export slowdown in 2023 for Italian wine in the top five markets

In 2023, the import of Italian wine in the top five world markets will slow down. According to the Observatory of the Unione Italiana Vini (Uiv), the final data relating to imports into the markets of the United States, Germany, the United Kingdom, Canada and Japan, which together are worth 56% of the Bel Paese’s overall export, indicate that 2023 for the productions made in Italy ended with a trend decline of 4.4% in volumes and 7.3% in values, to 4.45 billion euros.

“It is undeniable that 2023 suffered from economic phenomena, especially the destocking of excess accumulated product in North America, but it is equally true that our country has the primary and no longer postponable need to expand its customer base: these five countries they represent almost 60% of the value of Italian exports, compared to 50% in France and 40% in Spain”, comments Lamberto Frescobaldi, Uiv president.

Export slowdown in 2023 for Italian wine in the top five markets: -4.4% in volumes and -7.3% in values in US, Germany, UK, Canada and Japan.

“2024 – adds the number one of the Unione Italiana Vini – promises to be very complex and challenging: with Italian production at historic lows, our companies will have the vital need to raise the unit value of their products, in a macroeconomic context that It’s not the most favorable. We have already seen this last year, with the difficulties suffered in the retail circuits of the main countries, where even limited price increases almost automatically corresponded to drops in volume purchases”.

Export: -4.4% in volumes and -7.3% in values on the top five world markets for Italian wine

The analysis of imports in the five top destinations for Italian wine, carried out by Uiv on a customs basis, sees decreases in volumes in all demand countries with the exception of Germany, which closed the year at +7% due to the boom in bulk wine orders (+16%).

Particularly negative, also due to an excess of inventories held by distributors which affected orders throughout 2023, was the market in the United States, which totaled -13% in volume, but also in Canada and Japan, both at -11 %, and in the UK, at -9%.

Despite the surplus of production costs for companies, the average price is decreasing (-3%), due to the growth in imports of loose items (+9%, where, however, price lists collapse to -11%) and large formats (+6 %) and the contextual lower impact of bottled products (-7%) and sparkling wines, down 11% in volumes but the only type to increase in average price (+5%).

According to the UIV Observatory, however, the year proved to be negative for all producing countries, thanks to the destocking objective of importers together with the inflation crisis and the consequent lower purchasing power.

In fact, global wine imports from the five top buyers closed at 16.9 billion euros, 7.5% less than the previous year, with volumes at -6.7%.

The main exporting country, France, showed an even worse volume trend than Italy, at -10%, but less deficit in terms of values: -5%.