Italy's Chianti wine makers eye South America, Asia amid Trump tariff threat
Italy currently exports more wine to the U.S. than any other country, but producers are increasingly looking to diversify amid the trade uncertainty.
"There is no point in feeling sorry for ourselves. It should be seen as an opportunity to accelerate a new export strategy, focusing on alternative and more stable markets," said Giovanni Busi, the president of Consorzio Vino Chianti, an association gathering the Chianti wine producers in the Tuscany region.
Trump on Saturday threatened to impose a 30% tariff on imports from Mexico and the European Union starting on August 1, adding pressure on Italy, which exported 2 billion euros ($2.3 billion) worth of wines, spirits, and vinegars to the U.S. last year, accounting for a quarter of its global sales, according to industry group Federvini.
Busi identified South America, Asia, and Africa as pivotal markets for Italian wine, citing Brazil, Argentina, Uruguay, and Paraguay as regions with significant growth potential.
He also noted increased demand in Asian markets, including China, Japan, Vietnam, and Taiwan, emphasizing the need for targeted promotion and distribution strategies.
"Africa and India are also areas where the wine consumption is beginning to spread," he added, encouraging structured efforts to penetrate these markets.
Matteo Lunelli, CEO of Ferrari spumante producer Gruppo Lunelli, shared Busi's worries, highlighting opportunities in Japan, China, Korea, Vietnam, Thailand, and the Middle East, while also identifying Canada as a growing market.
"The United States were our first country, now we need to pay more attention to other areas," Lunelli told daily la Repubblica on Monday.
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