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Finance

Italy's sparkling wine exports to US jumped in November ahead of possible tariffs

Published by Global Banking and Finance Review

Posted on January 22, 2025

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MILAN (Reuters) - Exports of Italian sparkling wine such as prosecco to the U.S. surged by a record amount in November before possible tariffs on the sector, the latest available data from industry group Unione Italiana Vini (UIV) showed on Wednesday.

Export volumes grew 41% in November, compared with a 19.5% growth in the first 11 months of the year overall, according to the industry body.

The UIV said there had been a "sudden rush to stockpile" in anticipation of possible duties on imported goods to be imposed by President Donald Trump, who took office on Monday. UIV said such an increase sets a record for the month of November.

Exports of Italian bottled still wines increased by 17% in November, UIV data showed.

"With an export value that will exceed 1.9 billion euros ($2 billion) in 2024, the United States accounts for 24% of Italian wine exports," UIV's chairman Lamberto Frescobaldi said in a statement.

Trump has vowed to hit the European Union and other countries with tariffs in response to their trade surpluses with the U.S. ($1 = 0.9599 euros)

(Reporting by Elisa Anzolin; Editing by Keith Weir)