04 Dec New Zealand wine exports see significant drop
The period July 2023-January 2024 saw a decrease of 24% in volume and 22% in value for New Zealand wine exports, with a slight recovery growth of 6% by June 2024.
Although this trend is reflective of the current state of global wine consumption, New Zealand has to date, been one of the few nations that have bucked this downward trend.
This recent reduction can be attributed to numerous factors including lower levels of replenishment orders from importers, distributors and retailers, the consecutive excise hikes imposed by the New Zealand government via the Alcohol Health Levy, as well as a smaller 2024 harvest which will need to be supplemented by inventory that has been carried over from previous vintages.
However, despite the decrease in exports and challenging conditions, it’s worth highlighting that 276.2 million litres of New Zealand wine was exported during the 2023/24 financial year with the US, UK and Australia the top three export markets, and with growth experienced across the Singapore, Finland, Ireland and The Netherlands export markets.
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