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Trade Trends News
29-02-2024
Spirits exports grew 8 percent to $2.2 billion in 2023 following the European Union's suspension of 25 percent retaliatory tariffs on U.S. whiskey, according to the U.S. Distilled Spirits Council.
The suspension of tariffs in 2022 helped rebound U.S. spirits sales in the U.K. and the EU, which are the top five export markets for the category.
U.S. whiskey exports to the EU jumped from $439 million in 2021 to $705 million in 2023, the data show.
In 2018, the EU and the U.K. imposed import duties on a variety of U.S. products, including bourbon, for four years, following the first U.S. tariffs of 25 percent on EU steel and 10 percent on EU aluminum.
The trade dispute has hit U.S. spirits exports, leading to a loss of market share in some of the biggest export markets for American whiskeys such as Tennessee Whiskey, Bourbon Whiskey, U.S. Rye Whiskey and U.S. Single Malt Whiskey.
In December, the EU and the U.S. decided to extend the tariff moratorium until March 2025. However, if no agreement is reached during the extension period, the EU is expected to double its tariffs on U.S. whiskey to 50 percent.
Robert Maron, vice president of international trade at Distilled Spirits, said that given the strong demand for premium U.S. spirits in the international market, "there could be some stockpiling in the second half of 2023 in anticipation of the 50 percent tariffs" by the U.S. Council.
According to the council, U.S. whiskey exports jumped 9 percent last year to $1.4 billion, accounting for 63 percent of total U.S. spirits exports.
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