Italy’s wine exports are on track to surpass €8 billion in 2024, a milestone that has eluded the sector for years. By the end of October, exports had already reached €6.75 billion, up 5.75% compared to the same period in 2023, according to ProWein’s Business Report. Export volumes rose 4% to 1.82 billion liters, while the average price per liter increased to €3.7 from €3.64 last year. October alone delivered the year’s best monthly performance, with exports valued at €836 million.
STRENGTH OF ITALIAN WINE IN CORE MARKETS
Growth was evident across Italy’s top wine markets, although performance diverged between value and volume. The United States remained Italy’s largest customer, importing nearly €1.6 billion worth of wine between January and October (+8.8%), with volumes climbing 4.5% to 298 million liters. Germany followed with €980 million (+4.2%) despite a 2% volume decline, maintaining its position as the largest buyer by quantity. The UK saw more modest gains, with €709 million in imports (+1.3%) and a 2.8% rise in volume to 219 million liters.
Beyond the top three, Canada saw exceptional growth, with sales up 18% in value (+4.7% in volume). Meanwhile, sales dipped in Switzerland (-1.8% value, -3% volume) and France (-1.5% value, stable volume). Russia re-entered the top ten markets, ranking eighth in value, driven by a remarkable 61% surge in sales to €200 million, alongside a 55% jump in volumes.
SPARKLING WINES SPARKLE
Sparkling wines remain a cornerstone of Italy’s export success, accounting for nearly €2 billion—or 30%—of total export value. Between January and October, sparkling wine exports rose 9.6% in value and 12.7% in volume, outpacing the wine sector. Prosecco PDO led the charge, with volumes soaring 16% to 344 million liters. The sparkling stalwart now represents 75% of Italy’s total sparkling wine exports, with revenue climbing from €1.34 billion to €1.51 billion (+12.7%).
PROSECCO’S AMERICAN BOOM
Italian sparkling wine shipments to the U.S. soared 41% in November, eclipsing the 17% growth of bottled still wines. This surge reflects pre-tariff stockpiling, as the threat of import duties under President Donald Trump looms large. The November rally brought U.S. imports of Italian sparkling wines to a 7% volume increase for the first 11 months of 2024, according to the Unione Italiana Vini (UIV).
“The good news,” said UIV President Lamberto Frescobaldi, “is that American demand for Italian wines—especially sparkling varieties—remains robust. The bad news is that tariffs appear increasingly likely.”
With the U.S. projected to import €1.9 billion worth of Italian wine in 2024, it accounts for 24% of Italy’s total wine exports—a share that underscores the sector’s exposure to American trade policies.
