Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
2023 09 12T090637Z 1 LYNXMPEJ8B07U RTROPTP 4 ITALY WINE
2023 09 12T090637Z 1 LYNXMPEJ8B07U RTROPTP 4 ITALY WINE

Nothing to toast as Italy loses wine-making leadership to France


ROME (Reuters) – Wine output in Italy looks set to fall 12% this year to below 44 million hectolitres after extreme weather and fungal diseases severely hit vineyards, Italian wine lobbies UIV and Assoenologi said on Tuesday.

The tumble means Italy will lose its position as the world’s largest wine producer, with France set to reclaim the number one spot for the first time in nine years.

In a joint statement with food and agriculture institute ISMEA, the lobbies said that northern Italian regions were set to register a small 0.8% growth in output.

However, production was expected to slump around 20% in central regions and about 30% in the south, hit by a combination of bad weather and the impact of a fungus called plasmopara viticola, harvest forecast data showed.

The fungus, which attacks grapevines’ leaves and fruits, causes a disease named grape downy mildew.

“The harvest we are facing is very complex, characterized above all by the effects of climate change which at the end of spring and beginning of summer caused pathogenic diseases such as downy mildew, floods, hailstorms, and drought,” said Riccardo Cotarella, head of an association of wine experts, Assoenologi.

However, the quality of the wine would not be compromised, Cotarella predicted. “From the 2023 harvest we will certainly obtain good quality wines, with peaks of excellence,” he said.

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.

The decline in output should not cause alarm either, with existing stocks standing at more than 49 million hectolitres, the highest level for the last six years, said Livio Proietti, ISMEA’s extraordinary commissioner.

“The issue is not so much the loss of Italian leadership in terms of volumes produced, but rather the slowdown in domestic and foreign demand, which is lowering prices,” said Proietti.

A hectolitre is the equivalent of 100 litres, or 133 standard wine bottles.

 

(Reporting by Federica Urso and Romolo Tosiani; editing by Federico Maccioni/Keith Weir)

 

Recent Post: