In 2023, the United States, Germany, the United Kingdom, Canada, and Japan collectively spent €4.45bn on Italian wine imports, marking a 7.3% decrease from the previous year. However, the volume of wine imported only fell by 4.4%.
The analysis, conducted by Unione Italiana Vini (UIV) based on customs data, highlighted a significant 13% decline in the U.S. market as a major influencer of these results. Canada and Japan each recorded an 11% drop in volume, while the UK saw a 9% decrease. The average price of imports fell by 3%, driven by a 9% increase in bulk wine imports, which simultaneously experienced an 11% price drop.
German bulk imports save the day
Germany emerged as the exception among the top five markets, ending the year positively with a 7% increase. This was largely due to a 16% surge in imports of bulk wine at special prices, although this did not significantly contribute to value growth.. Across these five markets, besides bulk wine, only the sales of bag-in-box saw an increase (+6%). Bottled wines suffered a 7% decline. Sparkling wines were the sole category to see an average price increase (+5%), despite an 11% drop in volume.
Expanding the customer base: a necessary imperative
Lamberto Frescobaldi, president of UIV, commented on the situation: "It's undeniable that 2023 was affected by cyclical factors, especially the reduction of stockpiles in North America. But it's equally true that our country urgently needs to expand its customer base: These five countries account for nearly 60% of the value of Italian exports, compared to 50% for France and 40% for Spain."
He does not foresee a quick improvement. "2024 looks to be very complex and challenging. Given that Italian production is at a historical low, our companies must increase the value of their products in a challenging macroeconomic environment. This was evident last year when retail chains in key countries struggled, and even slight price increases led to a decrease in purchase volumes."
International data
According to the Economic Monitor's surveys, 2023 was a negative year for all producing countries, attributed to stock reductions by importers amid an inflation crisis and resulting lower purchasing power. The global wine imports of the five major importing countries totaled €16.9bn, a 7.5% decrease from the previous year, with volumes down by 6.7%. France, another major exporter, performed worse in volume than Italy (-10%) but had a smaller decline in sales (-5%). VC
