Allegrini 2024

Italian wine exports hope to close 2023 on a positive note compared to 2022

ISTAT data up to October revealed +0.8% in volume and -0.7% in value; an improvement compared to September. Europe is stable, North America and Asia are doing poorly
Italian wine exports hope to close 2023 on a positive note compared to 2022

Italian wine exports are now hoping that 2023 will close on a positive note, due to a significant recovery in October (+7.6% compared to October 2022, and 784 million euros). ISTAT data for the first 10 months of the year, analyzed by WineNews, revealed an major recovery, bringing the provisional financial report to -0.7% in value, 6.4 billion euros, and +0.8% in volume to 1.79 million hectoliters. The change in percentages, especially in value, is much better than data registered up to September, i.e., -1.9% in value, and stable volumes. WineNews took a more detailed look at values growing on the main markets (that together were worth over 5.2 billion euros in the first 10 months), which only a few European markets have registered.
Germany, for instance, grew +4.8%, reaching 980.4 million euros. The United Kingdom follows at more or less the same trend, +5%, and 700.4 million euros. France, Italy’s main competitor on the world market, is continuing to grow at double digits, although it is importing more and more Italian wines, for a value of 274.1 million euros, and +11.8%. The Netherlands has grown +4.1%, at 192.1 million euros, and also Austria is growing at +6.4%, and 114.8 million euros, while Russia, though it has lost some momentum, is positive at 124.5 million euros, growing +3.9%. From here onwards begin the (provisional) negative trends. In the European area, Switzerland holds its own, at 336.9 million euros and a slight loss -2%, while Belgium registered -1.2%, and 191.4 million euros. Further north, instead, Sweden limited the damage and is essentially stable compared to 2022, at -0.6% for 164.5 million euros. The negative sign is high in Denmark that registered -9.1% for 118 .4 million euros, and Norway, -7.3%, for 85.6 million euros.
The primary North American markets are having the most difficulties, though they have shown some signs of recovery. The United States, by far the number one foreign Italian wine partner, registered slightly more than 1.4 billion euros, -6.8% in the first 10 months of 2023 compared to 2022, which, however, it is still better than -9.9% registered up to September. Canada is following more or less the same trend, registering 326.6 million euros, and -13.8%, but the market has also shown some signs of recovery compared to -17.6% in the first 9 months of the year.
Asia, instead, though definitely at lower values, has continued to register numbers deep in the red. Japan registered 152 million euros and -11.8%, China, 79.3 million euros, down -14.2 %, and Hong Kong, which seemed to be holding, registered 20.9 million euros, down -5.6%. South Korea instead, has maintained its clearly negative trend: -35.7% for 40 million euros.
In the overall picture, therefore, it is still a tense situation. The majority of the topmost foreign markets for Italian wine are registering a slow down compared to 2022. However, since October, the signals are making the sector once again hope for yet another, consecutive, positive financial report for exports at the end of 2023. And, it would be a pleasant boost in view of 2024, which many people have said will be even more complicated than the past year.

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