Italian wine exports counter the Covid-19 recession

The Vinitaly -Nomisma Wine Monitor analyzed the top world markets and Italy’s exports trend of 2020 compared to competitors’
Italian wine exports counter the Covid-19 recession

The coronavirus pandemic is affecting wine trade globally, but the impact varies from country to country. Italian wine exports will drop by -4.6% in value (6.1 billion euros) compared to the previous year, the effects this year will be limited compared to the global trend (-10.5%) and even more to the main player in the sector, France, which will lose up 17.9% of its exports. All this according to data from the Vinitaly Observatory – Nomisma Wine Monitor, presented during a recent event attended by the top management of the representative associations and the Italian Trade Agency.

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The drop in value of world wine imports is estimated to be over 3 billion euros compared to 2019, mainly due to the loss of over 1.7 billion euros in sales of France. The forecast for Italy, on the other hand, stands at -300 million euros also due to the exports boom (+15%) in the first two months of the year.

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According to forecasts, Italy will be able to contain losses and significantly increase market shares in its two key markets – the United States (-2% estimated drop in value, equal to 1.7 billion euros), and Germany (-3%, 918 billion). Such a result would be a half victory considering the general drop in U.S. wine imports (-10.1%, and -23% for French wines) and in Germany’s (-7.7%).

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A significant stop on the other hand in the United Kingdom, increasingly farther away from European supplies. Producers in Italy and France will lose respectively 12.1% and 16.7%.

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The drop in sales continues in the Chinese market (-32% for Italian wines, -29% average) as well as in Japan which will turn negative (-15.1%) after the imports boom in 2019. Something similar is expected to happen in Canada (-7.7%), in Australia (-3.8%), and in Russia (-7.5%). The Italian wines’ performance is generally better compared to competitors thanks to some important markets such as Switzerland (+4.3%), and Sweden (+2.2%).

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