W11 Wine Update: Declined Exports in Italy and Chile, Increased End Stock in Austria

Published 2024년 3월 22일

In W11 in the wine landscape, Italy's wine exports showed a slight decline in 2023, mainly due to the decrease in bottled and sparkling wine exports, while the bulk wine exports increased. Germany remained the primary destination for Italian wine, followed by the US and the UK. In addition, Chile's bottled wine exports declined by 20.7% YoY in 2023 due to a global surplus of wine stocks caused by the COVID-19 pandemic. The country takes steps to enhance the local wine industry's innovation and sustainable development capabilities to support its growth. Lastly, Austrian wine production decreased by 8% YoY due to unfavorable weather, but wine stock increased by 4% YoY, reaching a peak of three million hectoliters.

Italy's Wine Exports Declined in 2023 Due to Drop in Bottled and Sparkling Wine Exports

In 2023, Italy's wine exports saw a slight decline of 1% year-on-year (YoY), resulting in an export value of USD 8.47 billion (EUR 7.77 billion) compared to USD 8.58 billion (EUR 7.87 billion) in 2022. The export volume decreased by 2% Y Y to 21.5 million hectoliters. The decline can be attributed to the drop in bottled wine exports, which decreased by 5% YoY to 11.7 million hectoliters, and sparkling wine exports, which went down by 3% Yo to 5 million hectoliters. However, the bulk wine exports increased by 8% YoY to 4.7 million hectoliters. The United States (US) saw a significant decline of 9% YoY in export volume to 3.4 million hectoliters, while Germany remained the primary destination for Italian wine, importing 5.5 million hectoliters. The United Kingdom (UK) was the third largest market despite a fall in volume by 2% YoY.

Chile's Bottled Wine Exports Decline by 20.7% YoY in 2023

Chile's bottled wine exports experienced a significant decline of 20.7% YoY in 2023, with a total export value of USD 1.23 billion. The decline can be attributed to the global surplus of wine stocks caused by the COVID-19 pandemic. Additionally, there was a noticeable decrease in exports to China and Europe, down by 32.6% YoY and 13.2% YoY, respectively. In response, the Chilean Ministry of Agriculture Policy Research Office, the National Agricultural Development Institute, and the Chilean Export Promotion Agency are working to enhance the wine industry's innovation and sustainable development capabilities. Their goal is to leverage the global economic and trade network to support the growth of local wine manufacturers.

Wine Production in Austria Decreases by 8% YoY Due to Unfavorable Weather Conditions

According to the Austrian Statistical Office, wine production in Austria decreased by 8% YoY to 2.33 million hectolitres in 2023 due to unfavorable weather conditions. Production in Styria faced a significant decrease of 17% YoY, and production decreased by 11% YoY and 10% YoY in Burgenland and Vienna, respectively. The production of red wine dropped 15% YoY, while white wine production was down by 4% compared to 2022. Despite the decline in production, the wine stock in the country increased by 4% YoY, reaching a peak of three million hectoliters.