Russian wine imports from EU hit 20-year low

Published 2024년 11월 6일

Tridge summary

Russia's wine imports from the European Union have reached a 20-year low, with a 25% decrease year-on-year, totaling only 126,000 tonnes since the beginning of the year. Italy remains the primary supplier, but imports from Lithuania and Latvia have dropped significantly. Despite this decline, EU wines still account for 37% of the Russian market, although this share is expected to fall below 30% as imports from Latin America and South Africa increase. The geopolitical climate, including higher import duties on wines from 'unfriendly countries,' has not notably affected the overall demand for alcohol in Russia, which has actually risen this year.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Russia reduced its wine imports from the European Union to a 20-year low, as only 126,000 tonnes have been imported since the beginning of the year, according to calculations by the Russian newswire RIA Novosti, based on Eurostat data. For the most recent reporting period, imports dropped by 25% year-on-year and became the lowest figure since 2004, when Russian companies imported only 87,000 tonnes of European wine. The main supplier of wine this year was Italy. Its share of Russian imports doubled, hitting 39% which equated to 49,000 tonnes. Last year, total imports of Italian wine to Russia amounted to €158 million in value. At the same time, last year’s leaders, Lithuania and Latvia, saw sales that were 2.7 times and 4.3 times lower respectively. Over eight months, only 18,000 tonnes of wine from Lithuania and 14,000 tonnes from Latvia were imported to Russia. The top 5 EU suppliers of wine to the Russian market this year also include Poland, whose exports increased by a factor ...

Source: Thedrinkbusiness