MILAN, May 17 (Class Editori) - Italian wine could take advantage of the trade war between the US or China after the exports of the Made in Italy Nettare di Bacco wine in the Asian giant reached a record 11% increase in 2019.
The news was reported by Efa news, presenting an analysis by Coldiretti on Istat data relating to January, which was disclosed during the announcement of Chinese duties on goods imported from the United States, for a total of 60 billion dollars. The list of goods involved by the measure includes several food products and wine.
This could be a response to the protectionist move decided by US president Donald Trump on Chinese goods for 200 million dollars. Shipments of US wine to China fell by 25% in 2018 due to tensions between the two countries while Italy in the same period sold wine for 127 million euros to China, ranking fourth among the main suppliers after France, Australia and Chile, which enjoy commercial duty-free agreements.
Coldiretti outlines that, as a result of the continuous growth in consumption, China entered the top five of the main countries consuming wine in the world. As for red wine, China is the main consumer throughout the world. China is definitely a strategic market for Italian winemakers, which can be further strengthened through the Silk Road agreement.
Actually, there is a wide range of US agri-food products affected by Chinese retaliation, including mineral water, wheat, meat, fruit juices, olive oil, ice cream, fresh egg pasta, jams, canned peaches and canned tomatoes, which are very important items of Made in Italy agri-food exports.
Coldiretti added that the move of China towards Donald Trump's duties is causing the disruption of world markets, including agricultural raw materials with soybean prices reaching the Chicago Board of Trade's lows in the last 11 years.
This situation led President Donald Trump himself to announce a new aid program for US farmers, with the risk of distorting effects on international trade. The circumstance must therefore be carefully monitored by the European Union to verify the opportunity to activate, in case of need, extraordinary intervention measures also at the community level.
(Source:Class Editori)
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