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US now largest export market for New Zealand wine

The US has overtaken Australia to become New Zealand wine’s largest export market by value, according to the 2015 annual report of New Zealand Winegrowers.

Now valued at $372 million, up 13%, the US market accounted for around one quarter of wine exports in year ended June 2015.

Significant potential for further growth in North America and other markets is cited in the report, as the wine industry advances towards its goal of $2 billion of exports in 2020.

NZWG chairman Steve Green said: “We expect further growth in export value in the year ahead, but volume growth will be constrained due to the smaller 2015 harvest.

“Our premium reputation remains the greatest collective asset for New Zealand wine, and underlies the high average price our wine commands in global trade,” said Green.

New Zealand wine exports reached a new record of $1.42 billion in June year end 2015, up 7% on 2014. Wine is now New Zealand’s sixth largest export good by value.

Source: Drinks International