Italian wine exports to non-EU countries showed robust performance in the first half of 2024. With nearly 4.7 million hectoliters shipped and revenues reaching €2.1 billion, non-EU markets remain the primary growth driver, contrasting with weaker demand within the EU.
According to the UIV – Vinitaly Observatory, which has analyzed export data for the top 12 markets for Italian wine, a significant slowdown was evident in June. Export volumes for both sparkling and still wines fell by 10%, with still wines seeing a 13.5% decrease. Value growth also slowed, from 7.3% in May to 4.7% by mid-year.
June data reveals that all major non-EU importers, except South Korea, Mexico, and Australia, experienced a decline in orders for Italian bottled wines. This led to a halving of volume growth from 8.5% to 4.4% over the semester, as value growth dropped from 6% to 3.5%.
Sparkling wines, while still growing, saw their rate of expansion moderate: volume growth fell from 18% to 14.5%, and value growth slowed from 12.3% to 9.3%. Overall, the average price has decreased slightly by 1.5%. Sharp declines were noted in purchases from Russia (-25%) and Japan (-10%), which had front-loaded orders in the first quarter. Additionally, June saw significant slowdowns in exports to the UK (-15%), Switzerland (-12%), Canada (-18%), and China (-12.5%). The US market also experienced a slight decline in sales (-4.8%), although it remained positive for the semester, with growth easing from 4.5% in May to 2.9% in June. The disparity between demand for still and sparkling wines has widened in the US, with still wines dropping 9% in volume compared to a 5% increase for sparkling ones.
