No toast to the possible deal on 10% tariffs for Italian wine companies, which send 24% of their exports to the United States for a value of 1.94 billion euros in 2024. According to a survey by the Osservatorio di Unione Italiana Vini (Uiv) among the country’s main wineries, the estimated damage to the turnover generated in the US would in fact be between 10 and 12%, which is also affected by the exchange rate between the euro and the dollar. The reason is clear: for 90% of the companies interviewed (whose aggregate turnover exceeds 3.2 billion euros), consumers would not be able to absorb the extra cost on the shelf determined by the 10% duty. Hence the opinion shared by a large majority of the panel that the impact on companies would be overall significant in 77% of cases: “medium high” for 61% and “very high” for 16%.
Uiv’s comment on the effects on Italian wine of a possible agreement with the US for 10% duties
A possible agreement on 10% duties is not good for Italian wine. This is reiterated by the words of Uiv president Lamberto Frescobaldi, who comments on the results of the survey carried out by the Osservatorio di Unione Italiana Vini (Uiv) among the main companies in the country:
“It should be remembered that the wine sector is among those most exposed to the increase in barriers, firstly because the US export share reaches 24%, against an average of Made in Italy that slightly exceeds 10%, but also because wine is a luxury good and therefore with a greater propensity to give up purchasing it”.
“There would be damage indeed,” Frescobaldi concluded, “for our companies but also for the US commercial chain, which for every dollar invested in European wine generates 4.5 in favour of the American economy. In Italy, small companies in particular will be penalised – many of them send up to 50% of their turnover overseas – or the flagship denominations in the US, such as Moscato d’Asti, Pinot Grigio, Chianti, Prosecco, Lambrusco and others.”
