In the first quarter of this year, Italian wine exports surged, according to data released by Istat. The trend shows a 3.1% increase in volumes exported, translating to a 3.9% rise in value, or 1.84 billion euros. This starkly contrasts with French competitors, who saw a 0.2% decline.
However, analysis from the Unione Italiana Vini (UIV) Observatory on Istat data reveals lingering uncertainties in the market. After a robust start to 2024, with an 8.3% rise in bottles shipped abroad in the first two months, March witnessed a reversal with a 4% decline, primarily due to significant drops in exports to Germany, the UK, Switzerland, and France. Despite all categories posting positive value balances – sparkling wines up 7.3% since January, bottled still wines up 2.7%, and semi-sparkling wines up 12.2% – average prices (excluding bulk wines and musts) have fallen. This suggests a reluctance in the market to pay more to offset a notably poor production year.
The boost in export volumes (source: UIV) is entirely due to a spike in orders from Russia, without which growth would have been flat. Noteworthy is the return to positive figures for bottled PDO red wines (up 2.8% in value, reaching 459 million euros), a double-digit rise in PGI white wines (up 12.7%), and strong performances by Prosecco (up 7.8%) and Asti DOCG (up 7.5%) among sparkling wines.
“The current economic environment demands utmost vigilance,” says Lamberto Frescobaldi, President of Unione Italiana Vini. “In this highly uncertain phase, it is crucial for companies to keep a close watch on the markets and monitor price lists. The long-term objective remains to enhance the positioning of Italian wine. We believe that even in challenging times, strategic investments in promotion, innovation, and vineyard restructuring should not be abandoned.”
A divergence persists between 2024 results for Italian wine demand from EU countries (down 0.6% in value) and non-EU countries (up 7%), with slight growth (up 1.3% in value) in the top five markets, which together account for 59% of total exports: the US (up 2.2%), Germany (down 2.7%), the UK (up 7.8%), Switzerland (down 7.8%), and Canada (up 8.9%). With a dramatic 142.6% increase in demand, Russia has jumped to sixth place, overtaking France and Japan. This surge is expected to normalize, influenced by a significant increase in excise duties effective since May and subsequent early stockpiling.
