In the midst of Vinitaly 2024, the wine sector receives a much-needed boost from recent Istat data, offering positive signals for the industry's recovery.
According to WineNews' analysis of January 2024 exports, the wine sector saw a significant increase, reaching EUR 539 million worldwide, marking a promising +13.5% compared to the same period in 2023.
This surge, supported by an impressive +11.2% in volume, totaling 150.5 million liters, aligns with the optimistic sentiment expressed by Italian producers during the prestigious event in Verona. However, challenges persist for the wine market despite these encouraging figures.
Notably, the United States, the primary reference market, experienced a robust growth of +14%, signaling a strong demand for Italian wines. Germany, the second-largest outlet, also showed a positive trend with a +3% increase, while Great Britain saw a remarkable 20% rise in wine imports. Additionally, there was slight growth in France (+6%), and exports to Russia nearly doubled (+87%).
The overall success in wine exports contributes to the positive performance of Made in Italy agri-food exports, which reached EUR 5.3bn in January, reflecting a 13% increase compared to the previous year. This promising start follows a record-breaking year in 2023, with total exports reaching EUR 64bn.
While these figures offer hope for the wine sector's resurgence, it's essential to approach them with caution. Nevertheless, they signify a potential recovery in Italian exports globally and suggest a clearance of warehouse stocks, paving the way for cellars to resume operations at a more sustained pace.