Italian Food And Wine Exports Fall 7% Due To Brexit
The effects of Brexit are already having an impact on Italian food and drink exports to the UK, with wine being the hardest hit, according to Italian farmers union Coldiretti.
Italian food exports to the UK have dropped by 6.8%, while wine exports have fallen by over 7% during the first quarter of 2017. The figures are based on Istat data for Q1 2017, and data provided by the Wine and Spirit Trade Association (WSTA).
One of the main factors that has led to a decrease in consumption of Italian wine among UK consumers is price increases, with bottles reaching an average of £5.56 (€6.30) due to unfavourable exchange rates and rising alcohol taxation. Coldiretti also suggests 'a more nationalistic attitude on the part of the British who are starting to replace imported products'.
Last year, the UK was the world's largest market for Italian sparkling wine, importing 30% of the country's produce. However, this figure is now falling due to UK excise taxes on wine, according to the WSTA.
The UK is also Italy’s fourth largest export market for food and beverages, and was worth €3.2 billion in 2016. The highest selling item is wine, followed by pasta, fruit and vegetables, and cheeses, including Parmigiano Reggiano, Grana Padano, and buffalo mozzarella.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine