Concerns about potential tariffs on Italian wine led to a dramatic increase in Prosecco imports to the United States in November 2024. Importers stockpiled large quantities of the popular sparkling wine, anticipating possible price increases and a potential impact on consumer demand.
Italian wine imports to the United States saw a dramatic surge in November 2024, fueled by concerns over potential tariffs. Importers, anticipating a possible increase in the cost of Italian sparkling wine, stockpiled vast quantities of Prosecco , leading to a 41% jump in imports. This spike significantly exceeded consumer demand, as importers preemptively filled their pipelines.
Lamberto Frescobaldi, president of the Italian wine trade association, attributed the surge to uncertainty surrounding tariffs and the potential impact on consumer spending. While Italian wines were spared from tariffs during the first term of President Trump's administration, and no tariffs have been publicly announced against European partners to date, importers are taking proactive measures to mitigate risks. Italy's significant reliance on the US market for wine exports, accounting for nearly one-quarter of its total wine shipments, makes it particularly vulnerable to potential trade barriers. The nation exported an impressive 1.9 billion euros ($1.97 billion) worth of wine to the United States last year. Prosecco, Italy's most popular wine export, holds a commanding 40% share of the US market.Even before Trump's election, signs of market apprehension emerged, with Prosecco shipments to the United States climbing by 17% in the first 10 months of 2024. This growth far outpaced the modest single-digit increases observed in the next two major markets, Britain and Germany, and significantly exceeded the 0.6% rise in US consumption during the same period. Giancarlo Guidolin, president of the Prosecco DOC consortium, the largest of Italy's three Prosecco-producing consortia, acknowledged the unexpected surge and speculated about increased warehousing of the product. Dina Opici, chairwoman of the Wine & Spirits Wholesalers of America, suggested that a threatened port strike in January might have also contributed to the elevated deliveries. Furthermore, she noted that the potential for tariffs likely instilled a sense of urgency among importers, encouraging them to secure their supply chains
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