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May 30, 2022 View:

Overall Italian wine trade down 15.2% year-on-year in 2020

The Italian wine harvest was excellent in 2020, but in terms of consumption, it was the worst year ever: the overall volume of wine traded was down 15.2% year-on-year (about €1.4 billion), with sparkling wine down 28.8%, reports Italian News Agency on Jan. 5.

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Italian Agriculture Minister Teresa Bellanova reached an agreement after public discussions with industry associations to assure producers that they would be compensated if they sent their wines to be made into alcohol.

This initiative reduced stocks by at least 20% and also drove down the price of alcohol. bellanova also suggested that producers cut production by 10-20% in September-October and give some subsidies based on estimates, thus protecting the Italian brand and the price of the product.