New Zealand wine exports rebound in first half of 2024, hitting $580.5m

New Zealand increased its wine exports in the first half of 2024, with volume rising by 5.8% and value edging up by just 0.3%, according to New Zealand customs data. The country exported 128.7 million liters of wine worth 967.5 million NZD (580.5 million USD), at an average price of 7.52 NZD per liter (4.51 USD), down 5.2% compared to the previous year. This performance marked a recovery from 2023, when wine export values dropped by 6% and volumes fell by 9%. Despite the recent growth, export figures still lag behind those from the first half of 2022 in value terms, when sales reached nearly 984 million NZD (590.4 million USD), and from the first half of 2020 in volume terms, when 138.1 million liters were exported.

Bulk wine was the main driver of export growth, increasing by 40% in value to 300.7 million NZD (180.4 million USD) and 44% in volume to 63.1 million liters. This segment's performance offset declines in other wine products, notably Bag-in-box, which suffered significant losses. Bottled wine remains New Zealand's largest export category, with 64.7 million liters shipped, a 15% drop, and revenue of 656.2 million NZD (393.7 million USD), down 10.6%. The average price of bottled wine rose by 5% to 10.14 NZD per liter (6.08 USD), accounting for 50% of the total volume and 68% of the overall value. Bulk wine closely followed, with volume up to 63.1 million liters, an increase of 44% (19.4 million liters more). Its value climbed 40% to 300.7 million NZD (180.4 million USD), contributing 86.6 million NZD (51.96 million USD) in additional revenue, although the average price decreased by 2.6% to 4.77 NZD per liter (2.86 USD). Notably, the average price for bulk wine remained well above the global trade average for this category.

Sparkling wine experienced declines, falling 5.5% in value to 8.8 million NZD (5.28 million USD) and 14% in volume to 566,718 liters, even as its average price rose by 10% to 15.47 NZD per liter (9.28 USD). The Bag-in-box segment plummeted, recording a 74% drop in both value and volume, with exports reduced to 1.8 million NZD (1.08 million USD) and 0.3 million liters, at an average price of 5.32 NZD per liter (3.19 USD), down 0.6%.

New Zealand exported wine to 85 international markets during the first half of 2024, but trade remained heavily concentrated in the United States, United Kingdom, and Australia, which together accounted for 79.5% of export volume and 73.5% of export value. Among the top ten destinations, all saw volume growth, though some experienced declines in value. The United States maintained its position as the leading market, with exports totaling 41.4 million liters, up 0.8%, and 336.8 million NZD (202.1 million USD), down 2.6%, as the average price fell by 3.4% to 8.14 NZD per liter (4.88 USD). The UK followed with 37.9 million liters, up 8.5%, but value dropped by 9% to 220.8 million NZD (132.5 million USD) due to a 16% decline in average price, down to 5.83 NZD per liter (3.50 USD). Australia increased imports by 2.8% to 23.1 million liters, with value rising 3.8% to 154 million NZD (92.4 million USD), and an average price increase of 1% to 6.67 NZD per liter (4.00 USD).

Canada emerged stronger as the fourth market, importing 6.5 million liters, up 17%, and contributing 74.7 million NZD (44.8 million USD) in value, a 25% increase. The average price rose by 6.3% to 11.58 NZD per liter (6.95 USD). Germany remained the fifth-largest market by volume, up 12% to 3.4 million liters, but dropped to eighth in value, down 13% to 16.7 million NZD (10.02 million USD), as the average price fell 22% to 4.94 NZD per liter (2.96 USD). Ireland showed remarkable growth, increasing imports by 61% in value and 59.5% in volume, becoming the fifth largest market by value and sixth by volume, with sales of 22.5 million NZD (13.5 million USD) and 2.2 million liters. South Korea also performed well, with value up 39.5% and volume increasing by 49%.