New Zealand’s wine industry, strong global presence amid challenges

Published 2024년 9월 30일

Tridge summary

The New Zealand Winegrowers Annual Report 2024 highlights a year of mixed results for the wine industry, with a slight decline in exports initially, which later recovered, totaling NZ$2.1bn, though 11% lower than the previous year's record. The industry saw growth in its key markets, including the US and UK, despite a stagnant global wine market. The ratification of the NZ/EU FTA is anticipated to boost exports to the EU. However, the domestic market experienced a decline in wine consumption, with a 8% drop in total sales. The industry also faced challenges such as increasing costs and regulations. Despite these hurdles, the industry remains positive, focusing on sustainability, innovation, and international market building, with significant investments in research and collaboration with organizations like NZTE to promote the New Zealand wine brand globally.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The past year has been a “rollercoaster ride” for exports, as noted in The New Zealand Winegrowers Annual Report 2024. Despite the initial decline in exports from July to January, shipments rebounded, and by June 2024, exports had increased by 6% from their January lows. This resulted in an annual export total of NZ$2.1bn, the second-highest level for the industry, albeit down 11% from last year’s record-setting figure. “In our key markets, such as the US and UK, sales of New Zealand wine have grown in the past year, despite flat or declining markets for wine overall,” the report states. This highlights the positive reputation and standing of New Zealand wine in the international market, particularly in the UK, where New Zealand’s wine has maintained its appeal despite broader market challenges. A significant development for New Zealand’s wine industry in 2024 was the ratification of the New Zealand-European Union Free Trade Agreement (NZ/EU FTA). This agreement has removed all ...

Source: Harpers