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Sunday, April 14, 2024

EU nation increases sales of wine to Russia

Italian winegrowers outpaced Spain and Georgia to become the country's top supplier in 2022

Exports of wine from Italy to Russia saw a year-on-year increase of 16% in 2022, surging to a record high of €172 million ($187 million) in monetary terms, the Italian association of agricultural producers, Coldiretti, announced on Saturday.

Sparkling wines accounted for more than half of Italian wine exports to Russia last year with the lion’s share being Prosecco, the sales of which reached €48 million, up 30% year-over-year.

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The overall sales of Italian sparkling wine totaled more than €91 million, representing a 28% surge compared to the previous year.

And exports of white and red wine reportedly reached €81 million – a modest growth of 5% compared to 2021.

The jump in exports, unaffected by Ukraine-related EU sanctions on Moscow, turns Italy into Russia’s number one supplier of wine, after Spain and Georgia. Under the penalties adopted by the bloc last March, EU companies are legally permitted to export wines to Russia as long as the value of each bottle is no more than €300.

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In December, trade data tracked by the European Commission’s department of agriculture and rural development showed that wine exports from EU member states to Russia saw growth of 40% from August through October 2022. Italy, France, and Spain were ranked among the biggest exporters.