Potential US tariffs are currently causing an unusual yet anticipated surge in Italian wine exports.
According to the Italian Wine Union (Unione Italiana Vini – UIV) Observatory, the last two months of 2024 closed with an export growth of 20% and 21% in volume and value, respectively, compared to the same period of the previous year.
This market advance is being driven by unprecedented orders in transit from US importers. This has resulted in a 10% value growth for the entire year of 2024, reaching over 1.9 billion euros.
In December, unlike November when the surge was linked to sparkling wine demand, bottled still wines grew well above the average, +21% in volume and +34% in value.
“The analysis of wine performance in the US cannot ignorea market artificially inflated by the fear of tariffs,” said Paolo Castelletti, Secretary General of the Italian Wine Union.
He added, ‘What is certain is that the bill will come due in the coming months, regardless of any new tariffs. This is because domestic consumption in the US is showing a strong downward trend, declining 7% in volume for the second consecutive year. Italy’s volume is also down, at -4.4%. We will need to pursue a more decisive promotional strategy, seeking to broaden the scope of our exports as much as possible.”