In the first quarter of 2024, positive signs for global wine exports, including Italy

In a scenario that is not free from problems, some encouraging signs continue to arrive for the world wine market at the beginning of 2024 and the best numbers come from Italy. As reported by the Observatorio Español del Mercado del Vino (Oemv) in its latest August “bulletin”, if it is true that world wine trade has decreased by -5.4% in volume and -6.4% in value on an annual basis (12 months) to March 2024, approaching 9.9 billion liters (-567 million) and 35.6 billion euros (-2.4 billion) with an average price falling by -1% to 3.6 euros per liter, however, signs of recovery are being reported in 2024, starting from the first quarter of the year which recorded +3.1% in the volume of wine exported globally, thanks to the easing of inflationary pressure. And if the top 11 exporting countries in the world, overall, have reduced volumes, both in 2023 and on an annual basis until March 2024, the top six (Spain, Italy, France, Chile, Australia, South Africa) have increased volume sales in the first quarter of 2024: in detail, Spain (+8.3%), which is consolidating itself as the main supplier, ahead of Italy (+3.1%), France (+0.4%), Chile (+9.7%), Australia (+1.9%) and South Africa (+13.4%). In value terms, the major players lost revenue on an annual basis until March, but there were also 6 that grew in the first quarter in terms of exports by value, a group that includes Italy (+3, 9% equal to 68.4 million euros), and also Spain (+2.7% equal to 19.6 million), Chile (+2.1%, 7 million), United States (+6.5%, 18 million), Portugal (+0.9%, 1.9 million) and South Africa (+14.5%, 16.6 million). France recorded heavy losses in 2024 (in the first quarter -226.7 million exports equal to -8.2%) due to the poor performance of Champagne, even if it confirms itself as the first seller in the world in terms of value.
Over the past 12 months, the value of the global wine trade only grew in February 2024, although volume increased in October 2023 and in January and February 2024. The average price, Oemv reports, has fallen in 6 of the last 7 months, after rising continuously between January 2021 and August 2023. This moderation in prices coincides with a decrease in inflationary pressure, which has hurt the turnover of the global wine trade, with a more irregular trend in volumes. The world’s three main wine suppliers fell less than average in value, even as France lost share in volume. Italy (-0.7%) and Spain (-1.7%) consolidate their leadership as the main world exporters, with 2.15 billion liters for Italy (-14.5 million) and 2.12 billion liters for Spain (-36 million). France follows at a considerable distance, losing share, with 1.28 billion liters (-6.8%), 93 million less. However, France’s world leadership in value is indisputable, with 11.7 billion euros (-5.3%), despite losing much more than its main competitors (-655 million euros). Italy is the one that loses the least value (-0.9%) and consolidates second place, with 7.8 billion euros (-74 million), followed by almost 3 billion of Spain (-135 million equal), which bills 4.3% less. France once again recorded an average price much higher than the others, with 9.16 euros per liter (+1.6%), while the price in Italy was stable, with 4.63 euros per liter (- 0.3%), while Spain fell slightly by 2.7% to 1.41 euros. The 5 countries that recorded a double figures drop in terms of value come from other continents (Chile, Australia, New Zealand, the United States and Argentina). In volume, Chile, South Africa, New Zealand, the United States and Argentina are the countries that decreased by double figures.