The US is the biggest importer of wines from the EU (infographic)

9 January 2020
489 Views

As the United States is getting ready to hit the European Union with additional tariffs on a variety of goods as part of a long-lasting conflict over “market-distorting subsidies” the EU allegedly pays to Airbus, many commentators fear the adverse effects that such a measure could have on American jobs and businesses.

The possible 100 percent tariff on wine imported from the EU causes particular unease in the U.S. as it threatens the livelihood of many people working in the hospitality industry, at wine dealers or any other business involved in the acquisition and sale of European wines.

As the following chart shows, the United States is by far the largest market for European wine outside the EU. Having imported more than 6 million hectoliters of Europe’s finest grape juice in 2018, the U.S. accounted for 28 percent of the EU’s extra-EU wine exports that year. While China has developed a taste for fine wine in recent years, the People’s Republic still trails the U.S. by a significant margin, accounting for 12 percent of the EU’s wine exports.

While the U.S. market is certainly important to wineries across Europe, the world’s largest wine producers will likely be able to cope with the potential new tariffs. According to member state information quoted by the European Commission, only 13 percent of the EU’s wine production is sold outside the European Union, which would put the U.S. share at less than five percent. The majority (50 percent) of wine produced in EU member countries is consumed locally while another 28 percent is traded within the EU’s borders.

source statista

You may be interested

Confrontation between Dendias & Cavusoglu at the press conference
POLITICS
shares64 views
POLITICS
shares64 views

Confrontation between Dendias & Cavusoglu at the press conference

makis - Apr 15, 2021

Diplomatic etiquette was cast aside in an astonishing joint press conference between Greek Foreign minister Nios Dendias and his Turkish…

Russia suspends flights to Turkey
DEFENCE
shares47 views
DEFENCE
shares47 views

Russia suspends flights to Turkey

Panos - Apr 15, 2021

Russia will restrict flights to and from Turkey from April 15 to June 1 due to a rise in COVID-19…

EU member-states agree to issue Covid-19 travel certificate
GREECE
shares65 views
GREECE
shares65 views

EU member-states agree to issue Covid-19 travel certificate

Panos - Apr 15, 2021

European Union countries today formally agreed to issue Covid travel certificates as a step towards reopening tourism this summer with…

Leave a Comment

Your email address will not be published.