Latest news with #GiovanniBusi
Japan Times
18 hours ago
- Business
- Japan Times
Italy's Chianti wine makers eye South America, Asia amid U.S. tariff threat
Producers of Italy's renowned Chianti wine have demanded a new export strategy backed by the EU targeting markets such as South America, Asia and Africa following U.S. President Donald Trump's threat of additional tariffs on European imports. 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 ($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 Spumante sparkling wine 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. Producers of Prosecco, the wine made in the northeastern Veneto and Friuli regions, are deeply concerned about the prospect of new tariffs. They sell around 130 million bottles every year to the United States — around 30% of their total export — worth almost €500 million. "Prolonged uncertainty weighs on the strategic choices of companies; we hope for a final and reasonable decision," Consorzio Prosecco president Giancarlo Guidolin said in a statement. Meanwhile, across the Mediterranean, Spanish winemakers are also eyeing Canada as a potential market, along with Southeast Asia and Latin American countries, hoping reciprocal tariffs on American wines might generate a gap in the market. Carlos Villar, managing director of top Spanish winemaker Protos, said Mexico was already his primary market, and Brazil could open up if a European trade agreement with Mercosur is finally inked. Jose Luis Benitez, director of the FEV Spanish Wine Federation, said Mexico was a good short- to medium-term option, particularly for Spain's Ribera del Duero wines, but as a country that increasingly produces its own wine, would only take any surplus for so long. Canada was a good alternative, he said. "Canada has told Europe that it's interested in buying its wines because it won't buy in the U.S.," he said. "That's a gap that European wine could plug."
Yahoo
a day ago
- Business
- Yahoo
Tuscan winemakers consider diverting exports after Trump tariff threat
Tuscan wine producers will divert more bottles of Chianti destined for the US to South America and Asia after Donald Trump's threatened 30pc tariffs on EU imports. The US president is threatening to impose the punishing tariff on imports from the trading bloc from Aug 1 – including wine – which has sent shock waves through Italian vineyards. Italy is the most exposed out of all the European wine-producing nations, with the US accounting for 24pc of all Italian wine exports, worth about €2bn (£1.7bn). The US accounts for around 20pc of French wine and 11pc of Spanish wine. The Chianti Wine Consortium (CWC), which represents 3,000 vineyards, said Tuscan winegrowers will export more cases to places such as Brazil, Argentina and Uruguay as well as China, Japan and Vietnam to offset the tariff hit. Giovanni Busi, president of CWC, said Tuscan winemakers would continue to ship to the US even if tariffs forced up prices but new markets were needed if demand dropped. 'With a 30pc tariff, we risk losing around 20pc of our market share ... There's no doubt that it would be wise to strengthen and expand them toward other countries, starting with those in Africa and South-east Asia,' he said. 'Americans will keep drinking Chianti, even if they have to pay a little more than they do now. 'There's no point in feeling sorry for ourselves: this should be seen as an opportunity to accelerate a new export strategy, targeting alternative, more stable markets.' Chianti is one of Italy's most famed wine exports, named after the hilly Chianti region of Tuscany where the wine is made from Sangiovese grapes. The CWC represents six provinces in Tuscany – Florence, Siena, Arezzo, Pisa, Pistoia, and Prato – a region which produces 100m bottles of wine a year. Some Italian producers warned it will be difficult to redirect enough shipments quickly enough to offer relief to winemakers. Unione Italiana Vini (UIV), which represents wine varieties across the country, said a 30pc tariff to ship into the US would amount to 'a near-embargo on 80pc of Italian wine exports'. It said it was 'unrealistic' to think such volumes can be redirected elsewhere in the short term. It added: 'At the same time, an extraordinary intervention from the EU will be absolutely necessary.' Figures from the trade group suggest that the wines which are the most vulnerable to a downturn in US demand are Moscato d'Asti, Pinot Grigio, Chianti Classico and Tuscan reds. On Monday, UIV secretary general Paolo Castelletti urged the EU to agree free trade deals with other nations quickly. He said: 'There's no point in talking about market diversification while stalling on critical deals like [South American trade bloc] Mercosur. How can we expect to compete in Brazil or India, where import duties hit 27pc and 150pc respectively?' It follows warnings from France over the weekend that threatened US tariffs would be 'disastrous' for the country's food industry. François-Xavier Huard, head of dairy association FNIL, said Mr Trump's tariffs will be a 'real shock' for milk and cheese producers. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Telegraph
a day ago
- Business
- Telegraph
Tuscan winemakers consider diverting exports after Trump tariff threat
Tuscan wine producers will divert more bottles of Chianti destined for the US to South America and Asia after Donald Trump's threatened 30pc tariffs on EU imports. The US president is threatening to impose the punishing tariff on imports from the trading bloc from Aug 1 – including wine – which has sent shock waves through Italian vineyards. Italy is the most exposed out of all the European wine-producing nations, with the US accounting for 24pc of all Italian wine exports, worth about €2bn (£1.7bn). The US accounts for around 20pc of French wine and 11pc of Spanish wine. The Chianti Wine Consortium (CWC), which represents 3,000 vineyards, said Tuscan winegrowers will export more cases to places such as Brazil, Argentina and Uruguay as well as China, Japan and Vietnam to offset the tariff hit. Giovanni Busi, president of CWC, said Tuscan winemakers would continue to ship to the US even if tariffs forced up prices but new markets were needed if demand dropped. 'With a 30pc tariff, we risk losing around 20pc of our market share ... There's no doubt that it would be wise to strengthen and expand them toward other countries, starting with those in Africa and South-east Asia,' he said. 'Americans will keep drinking Chianti, even if they have to pay a little more than they do now. 'There's no point in feeling sorry for ourselves: this should be seen as an opportunity to accelerate a new export strategy, targeting alternative, more stable markets.' 'Disastrous' Chianti is one of Italy's most famed wine exports, named after the hilly Chianti region of Tuscany where the wine is made from Sangiovese grapes. The CWC represents six provinces in Tuscany – Florence, Siena, Arezzo, Pisa, Pistoia, and Prato – a region which produces 100m bottles of wine a year. Some Italian producers warned it will be difficult to redirect enough shipments quickly enough to offer relief to winemakers. Unione Italiana Vini (UIV), which represents wine varieties across the country, said a 30pc tariff to ship into the US would amount to 'a near-embargo on 80pc of Italian wine exports'. It said it was 'unrealistic' to think such volumes can be redirected elsewhere in the short term. It added: 'At the same time, an extraordinary intervention from the EU will be absolutely necessary.' Figures from the trade group suggest that the wines which are the most vulnerable to a downturn in US demand are Moscato d'Asti, Pinot Grigio, Chianti Classico and Tuscan reds. On Monday, UIV secretary general Paolo Castelletti urged the EU to agree free trade deals with other nations quickly. He said: 'There's no point in talking about market diversification while stalling on critical deals like [South American trade bloc] Mercosur. How can we expect to compete in Brazil or India, where import duties hit 27pc and 150pc respectively?' It follows warnings from France over the weekend that threatened US tariffs would be 'disastrous' for the country's food industry. François-Xavier Huard, head of dairy association FNIL, said Mr Trump's tariffs will be a 'real shock' for milk and cheese producers.
Reuters
2 days ago
- Business
- Reuters
Italy's Chianti wine makers eye South America, Asia amid Trump tariff threat
MILAN, July 14 (Reuters) - Producers of Italy's renowned Chianti wine have demanded a new export strategy backed by the EU targeting markets such as South America, Asia and Africa following U.S. President Donald Trump's threat of additional tariffs on European imports. 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. ($1 = 0.8553 euros)
