Geopolitical and economic tensions are not slowing down Italian wine shipments

It may seem like heresy to consider just the numbers in the complex historical period we are experiencing. Yet, all the data that the Italian statistics company, ISTAT, has gathered relating to wine shipments in the first quarter of 2022, show either the state of health or the challenges of the major world economies, in a positive context for the export of Italian wine exports, which in April 2022, reaches 2.32 billion euros, growing + 12.6% compared to the same period in 2021. It is no coincidence that China shows quite an evident decline in Italian wine imports. The lockdowns in Shanghai and other important commercial cities in the Country have heavily effected both maritime logistics and consumption. Similarly, the decline in purchases from Russia is even more evident. As we often mentioned, wine is not subject to sanctions (except for bottles that cost more than 300 euros), but the economic situation around Moscow is anything but rosy. On the other hand, though, the United States and Canada are continuing to soar, and in perspective, the US, thanks to the fact that the exchange rate of the US Dollar and the Euro is now equal, is bound to grow even more. Great Britain is definitely on the road to recovery, while Germany has confirmed its 2021 results and is more or less stable. In general, growth is lower than what as registered in March, and the reason is comprehensible. The more we go forward during the year, the more “normal” the reference period will be, since a year ago, from April onwards, yes it was slowly returning to normal.

Let’s start with the markets closest to us. In the first 4 months of 2022, France imported 86 million euros of Italian wine (+ 38.7%). Austria also did very well, though its numbers were less impressive, registering + 27.8% in growth and 39.1 million euros. Neighboring Switzerland registered a significant + 3.2%, reaching 138.2 million euros and consolidating its status as the fourth reference market of Italian wine exports. Germany, the second market destination of Italian wines has shown an almost imperceptible growth (+ 0.05%) for 360.2 million euros. Numbers for the Netherlands are positive as growth has reached + 5.8%, and 70.5 million euros, which is slightly more than Belgium that slowed down a little bit in April, registering + 25.8% and 69.6 million euros of Italian wine imported in the first 4 months of 2022.

The Countries of Northern Europe are traveling at three distinct speeds. Denmark is in the lead at + 16.8% of(56.4 million euros), while Norway registered +0.9% (34.7 million euros), and Sweden is in the middle marking + 4.2% growth and 65.5 million euros. Great Britain, once again, is the leader in recovery of consumption outside the home in 2021, and the first country to reopen the doors of pubs and restaurants without any particular restrictions (starting April 12th, ed.), and 223.5 million euros of Italian wine imported in the first four months of 2022 (+ 30.8%). Imports from Russia have collapsed, as was to be expected, -26.4% to 27.5 million euros.

Flying overseas, instead, the United States, by far the leading market for Italian wine exports, has confirmed the trend in the previous months, marking + 11% increase and 567 million euros. Canada, the fifth Italian wine market, is doing even better, registering + 26.7% in growth and 134.5 million euros. On the other side of the globe, as predicted, China has registered a sharp slowdown, -8.3% and 38.3 million euros. Japan is doing very well marking + 17% in growth and 58.7 million euros. On the other hand, both Hong Kong, where political problems are pushing more and more multinationals to leave the country, and South Korea, where a year ago life was serene and easy going, are slowing down, -26.7% (7.4 million euros) and -1.8% (26.8 million euros).