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News
Australian wine prices begin bounce-back
The Australian wine industry is starting to gain momentum again after five years of falling prices, according to Wine Australia.
Wine Australia reported that after falling in value by $US1 billion in five years, it stabilised in 2010 to be worth roundly, $4 billion and in 2011 the price began to rebound.
Marketing director Aaron Brasher said the 2012 results will be helped by smaller wine grape harvests overseas.
“The US harvest is down this year. The New Zealand harvest is down 30 per cent, by some reports,” he said.
“I sense some equilibrium starting to happen, but it’s still a long way from fruition there and we just need to ride out the next couple of years and we’re seeing some green shoots of hope.”
The total annual domestic and export value of the industry has fallen 20% from a peak of $5 billion five years ago.
The price of export wine is starting to go up, particularly premium wine. On order to continue this rehabilitation sales will need to rise, because wine grape production is again creeping up.
The crush was 4% bigger this year at 1.66 million tonnes, at a time when it should be continuing to fall.