US now biggest export market for NZ wine

The US has overtaken Australia to become New Zealand’s biggest export market by value.

Growing 13% to NZ$372 million to the year ending June 2015, the news is in line with predictions from New Zealand Winegrowers that the US was on track to become the most valuable export market.

NZ Winegrowers also reported that there was “significant potential” for further growth in North America and the annual report held out greater hope of more growth in the Asia-Pacific region as a result of a number of free trade agreements with countries such as South Korea.

Australian exports are now worth $362m – having suffered a slight drop – but exports to the UK rose around 10% to $354m. The next biggest market by value after the top three is Canada on $95m.

New Zealand’s wine exports reached a new record of $1.42bn by the end of June this year, up 7% on 2014. The industry is currently aiming to hit exports of $2bn by 2020.

Steve Green, chairman of NZ Winegrowers, 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”.

The news concerning the US’s growth lends further weight to no less than three reports that have come out this year which point to North America growing further as a wine market, with Rabobank and Wine Intelligence saying it was the “most attractive” major market for wine and Agrifrance showing it was the biggest consumer of wine in the world.