Wine, inventories at the highest since 2000 in Italy: +10% for PDOs

Record stock in the cellar at the end of July and worsening exports to non-EU countries, especially in the USA, for Italian wine companies. This was revealed by the Uiv-Vinitaly observatory which processed the data of Cantina Italia (Masaf) on stocks and sales in third countries in the first half of 2023 according to the latest customs surveys. The 2023 harvest opens with a stock of wine in the cellar equal to 45.5 million hectoliters, the equivalent of over 6 billion potential 0.75 liter bottles. The data reflects a surplus of 4.5% compared to last year due in particular to an unprecedented increase in stocks for higher quality wines, with PDOs at +9.9%. The other market indicator, the analysis notes, is also complicated, with extra-EU demand in further decline. Among the top 10 buyers (who together represent around 85% of the non-EU market) export volumes grow only towards Russia, with double-digit quantitative drops for the USA, Canada, Japan, Norway, China and Korea South. ...