In the first four months of 2024, Italian wine exports experienced a significant uptick, rising 5.8% in volume and 7% in value, surpassing €2.5 billion compared to the same period last year. According to data from the Uiv-Vinitaly Observatory and Istat, this growth is largely driven by a surge in sales recorded in April. However, industry insiders remain cautious.
The Observatory suggests that the impressive increases in imports from Russia and Japan, which together account for 60% of the total export growth, are likely to diminish in the latter half of the year. In Russia, a sharp rise in demand during the first quarter was fueled by a preemptive stockpiling of wine and sparkling wine (+120.5% in volume) ahead of an impending excise tax hike set to take effect in May, with rates rising to 243%.
In Japan, a notable spike in orders for wine and European food products (+36% in volume) was observed, likely driven by the recent implementation of a new trucking reform law that reduced maximum working hours for drivers. This regulatory change has placed considerable strain on Japan’s logistics network, reminiscent of the global container crisis of 2021/2022.
Compared to the first quarter, Italian wine exports to the United States and Germany saw a 3% increase in April, with positive growth returning (+2.6% and +0.4%, respectively). The UK enjoyed a strong boost in sales (+12%), Switzerland recovered from a -6% drop to -1%, and Canada saw a 5% rise. In contrast, China reported a decline in April (-8%), but overall exports to the Asian giant increased by 3% in volume during the first four months of the year.
