The Italian wine export sector has seen a robust surge in the initial two months of 2024, particularly in markets beyond the EU. This uptick comes as a welcome relief for the industry, which faced export declines in 2023, a rarity in its recent two-decade history. Yet, caution is warranted as domestic consumption, still commanding about half of all Italian wine sales, and consumption in the United States, a key export destination, remains subdued. Retail purchases have dipped by -3% in the first 11 weeks of this year, as per the latest analysis by the Unione Italiana Vini (UIV)-Vinitaly Observatory.
Notably, Italian wine exports to non-EU nations have surged by +17% in volume (+13% in value) during the initial two months of 2024, outperforming France (+5% in volume, -6% in value). This remarkable growth trend, surpassing not only the outset of 2023 but also the preceding five years, is propelled by substantial export expansions to the UK (+22%), Japan (+40%), China (+33%), and Russia (+116%).