The export value of New Zealand wine has reached a record high and is now valued at NZD 1.66 billion ($1.21 billion), according to a new report by the New Zealand Winegrowers.
With export value up 6% in the year to the end of June 2017, wine is now the country’s fifth largest goods export. Over the past two decades, the wine industry in New Zealand has achieved average annual export growth of 17% a year, states the report.
Sales to the US have led the growth, passing NZD 500 million ($364 million) for the first time (up 12%). New Zealand wine became the third most valuable wine import into the US, behind only France and Italy.
New Zealand Winegrowers chair Steve Green said that in order to achieve continuing value growth, it is critical for the industry to maintain a focus on protecting and enhancing its reputation as a distinctive, quality product.
“With diversified markets and a strong upward trajectory, the industry is in good shape to achieve NZD 2 billion ($1.46 billion) of exports by 2020,” he said.
“Our premium reputation remains the greatest collective asset for New Zealand wine, and underlies the high average price our wine commands in global trade.”
Green added that improved protection of New Zealand’s regional identities through the Geographical Indications (Wine and Spirits) Registration Act, and initiatives such as the launch of the Sustainable Winegrowing New Zealand Continuous Improvement extension programme will help enhance the reputation of New Zealand wine as a premium and sustainable product.
© FoodBev Media Ltd 2017