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Italy - From East to West, everyone loves Italian balsamic vinegar

Italian vinegar producer finds profitable market in South Korea.

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CanadaSouth Korea
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Italy

Mengazzoli is an Italian manufacturer of vinegar. The small company has been producing a large variety of vinegars since 1962. The company’s product range includes balsamic vinegar of Modena which holds EU Geographical Indicator status and adheres to a very specific list of fine raw materials.

The Emilia-based company is engaged within the local community and actively collaborates with local universities.  Ever since the EU-South Korea trade agreement entered into force in 2011, Mengazzoli has enjoyed a strong and steady increase in demand, tripling its revenue in that market.

The reduction of export costs and the streamlining of administrative procedures has encouraged such strong demand from South Korea that the company has also hired a sales assistant dedicated specifically to this market. The company has also been able to invest in new production equipment and renovate its factory in Mantova.

In general terms, the export of Italian vinegar to South Korea saw a double-digit increase from 2007 to 2014 passing from a value of €900,000 to over €3.7 million. The export of Italian goods as a whole to South Korea increased by 65.4% from before the agreement to €4.5billion in 2015.

Mengazzoli now has its eyes on the EU’s trade agreement with Canada, an important market for Italian vinegar which absorbs 5% of the total production. For Mengazzoli in particular, the export to Canada represents 1.7% of their foreign revenues in 2015.

With tariff barriers (previously fixed at around 17%) and now reduced or eliminated by the agreement, Mengazzoli experiences a surge in demand.

Find out more about the EU’s trade relations with South Korea