Thursday, February 22, 2024
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HomeBusinessItaly overtaken as top wine exporter to Russia – media — RT...

Italy overtaken as top wine exporter to Russia – media — RT Business News

Georgian wine exports to Russia saw a massive year-on-year growth in the first five months of the current year, Russian business daily Kommersant reported on Monday, citing customs data.

Russian purchases of still wines from the South Caucasus nation surged by 63% from January to May, compared to the same period a year ago, helping Georgia overtake Italy as Russia’s top still wine supplier.

Italian wine producers saw shipments rise by 31% year-on-year to 23.3 million liters during the period, while the former Soviet republic shipped over 24.15 million liters of still wine to Russia. The share of Georgian and Italian still wines on the Russian market now amounts to 19.1% and 18.5%, respectively.

Russia’s imports of still wines from Spain over the same period increased by 25% to 20.46 million liters, while purchases of French and Portuguese wines grew by 23% and 69%, to 10.04 million liters and 9.61 million liters, respectively.

EU nation increases sales of wine to Russia

Industry experts have said that low price volatility and the absence of duties on Georgian wine imports are helping the country’s producers strengthen their position on the Russian market.

Moreover, wine imports from Georgia haven’t been impacted by sanctions-related supply chain bottlenecks and payment issues.

In 2022, Georgia’s wine exports to Russia rose by 23%, amounting to $161 million and accounting for 64% of the country’s total wine exports. That marked the highest level since Russian officials abolished a trade embargo on its southern neighbor in 2013.

For more stories on economy & finance visit RT’s business section

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