Italian wine exports are slowing, but still growing: value +3.8% in the first three months of 2024

Compared to the most recent survey there has been a rather evident slowdown. However, Italian wine exports were positive in the first three months of 2024, reaching 1.84 billion euros, +3.8%, globally, compared to the same period in 2023 (in the initial two-month period, January-February, it was +9.5%), 506.6 million liters, at +3.2% (+8.2% in January-February). Following the jump start in January, the next two months registered a definite decline, even though there were many encouraging signs coming from the markets in North America, Europe, Asia, and Russia, which is booming, at triple digits. In spite of the positive trend, though, the first negative trade balances have come from its historical partners, Germany, first and foremost, and France, which of course raises questions for the next few months. WineNews has analyzed the Italian statistics institute, ISTAT, data, updated to today, which has revealed that the United States is on a positive trend, at +2.2% (+5.9% in February), and 456.2 million euros. Instead, Germany was down (-2.6%) , to 271.2 million euros and has lost share, following +3% in the first two months. Excellent news, however, comes from Great Britain, which imported 170.7 million euros, from January to March, reaching a brilliant +7.8%, compared to the previous twelve months. On the contrary, negative signals are continuing from Switzerland, which has fallen below 100 million euros (96.3 million), losing 7.8%, while Canada is doing well, at a comforting recovery in 2024, close to 87 million euros (+8.9% ), but above all, Russia has continued to grow, leaping to 82.8 million euros and a sensational +142.5% over the last year. France is down, falling to 64.2 million euros and a double-digit minus sign (-11.1%); the Netherlands is doing well (58.3 million euros, +7.3%), while Belgium is on a downtrend (-1.9%), just under 54 million euros, and so is Sweden, which continues to decrease ( 48.1 million euros, -3.2%). In the East, Japan is still on a positive march, now very close to +8% and 44.7 million euros in value. China is also positive, although far from its ideal potential for the wine market, as it achieved +8.6% and 21 million euros in exports in the first three months.
It would be too early to claim that the Italian wine market is back on track around the world, but also too early to take those negative signals as an indication for the coming months. As we have mentioned, positive data can also be linked to a strategy, which is typical in years of economic crisis, where professionals are led to stockpile to avoid further price increases or delays that would penalize the market. We can, however, for the moment, see the glass “half full”, and at least find a bit of serenity again for a while.