Global wine slump affecting exports from down under - new stats
Australia's wine exports drop in major markets, while NZ makes gains in China, holds steady in the UK.
Global demand for wine has been on a steady decline over the past three years, according to IWSR, a drinks data firm. The latest report by Wine Australia indicates that wine exports from Australia have hit a 22-year low, with only 600 million litres exported since 2004. This represents a 7 percent decrease in export earnings to $2.7 billion ($AU2.3b) for the year ending June.
Paul Turale, general manager of market development at Wine Australia, attributes the downturn to lower consumption, tighter regulations, climate volatility, trade uncertainty, and shifting consumer habits. He emphasizes that the challenges affecting the global wine industry are ongoing and far from resolved.
In contrast, New Zealand's wine industry has managed to increase its exports to 306 million litres over the same period, generating around $2.1 billion in revenue, a mere 0.5 percent rise. Charlotte Read, general manager of brands at NZ Winegrowers, notes that the industry is dealing with significant changes and instability. Wine production in New Zealand is predominantly white, a trend that's gaining traction in Asian markets.
Despite challenges, New Zealand is maintaining its status as a premium wine producer, focusing on adapting to the evolving global landscape.
Written by urgent.news from RNZ Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
