It's been a bad year for Italian wine. What is concerning is not so much the announced loss in production as a result of the May and June harsh weather events, but rather the drop in exports and, most importantly, stockpiles. The market, rather than the product, is failing. According to Ministry of Agriculture figures, there were 45.5 million hectoliters of wine in Italian wine facilities at the end of July, which is the equal of more than 6 billion potential 0.75-liter bottles. Exports fell 0.4 percent in June compared to the same time in 2022, according to Istat, and are being weighed down by inflation and rising interest rates. According to Wine Observatory data, the markets that have always been successful, the United States and Canada, are the ones that are absent. Of the 3.3 billion euros marketed in the first six months of the year, equal to just over one billion liters, exports to the USA reached 897.1 million euros, with a decrease of 6.8% compared to 2022. Those to Canada, at 174.9 million, experienced a more significant 16.2% reduction. Negative values are also seen in Asia.
|