Italian wine exports are booming in the first 8 months of the year despite surging energy crisis and inflation, but suffered setbacks in the vast Asian market where exports to mainland China, Hong Kong and South Korea plunged.
While Ukraine war-induced energy crisis and inflation are squeezing profits and deterring consumption, from January to August, Italian wine exports jumped to €5 billion, a year-on-year increase of 12.1%, according to data released by ISTAT.
Its traditional markets, Europe and the US, both registered strong growths. Exports to the US grew +9.3%, to €1.27 billion, while Italian wines’ shipments to France, Germany, Austria surged on stable demand.
However, bucking the growth trend is Asia. Exports to mainland China dropped 14.9% in the first eight months compared with the same period last year to only €69.3 million, as China’s stringent Covid policies continue to suppress imports and consumption.
Across the border in Hong Kong, lack of international visitors and local consumers’ cautious spending meant Italian exports also declined. Shipments to the city contracted 11.3% to just €17.1 million.
In Asia’s fast growing South Korean wine market, exports suffered a 3.9% drop to €52.7 million.
Elsewhere in Asia, Japan finally delivered strong growth for Italian wines. The Asian country’s imports of Italian wines during the period jumped 27.7% to €137.5 million.