The export value of New Zealand wine has reached a record high, according to the 2017 Annual Report of New Zealand Winegrowers. Now valued at AUS $1.66 billion (US $132 billion), up 6 percent in June, wine now stands as New Zealand’s fifth-largest goods export.
Over the past two decades, the wine industry has achieved average annual-export growth of 17 percent per year, the report said. “With diversified markets and a strong upward trajectory, the industry is in good shape to achieve $2 billion of exports by 2020,” said Steve Green, chair of New Zealand Winegrowers.
According to the report exports to the United States led the strong growth, exceeding AUS $500 million (US $396 million) for the first time. New Zealand wine became the third most valuable wine import into the United States, behind France and Italy, the report said.
Green said to achieve continuing value growth, it is critical for the industry to maintain focus on protecting and enhancing its reputation as a distinctive, quality product. “Our premium reputation remains the greatest collective asset for New Zealand wine, and underlies the high average price our wine commands in global trade.”
Improved protection of New Zealand’s regional identities through the Geographical Indications (Wine and Spirits) Registration Act and other initiatives will help enhance New Zealand’s reputation as a premium and sustainable product, Green said.
The 2017 Annual Report can be accessed here.
US $1 = AUS $1.26
Published: August 30, 2017