NZ wine exports cracked two billion for the first time

A record that is quietly leaking value

New Zealand wine exports reached NZD2.11 billion in the year to June 2026 on volumes of 306.2 million litres, the industry’s second-highest June year total on record. NZ Winegrowers chief executive Anishka Jelicich told Mike Hosking that in a difficult market, Kiwis are winning.

The headline is real. The detail is the problem. Volume grew 6% while value grew just 0.5%, which means the average export price per litre fell from $7.27 to $6.88. The Post put the arithmetic bluntly: New Zealand shipped 6% more wine but the total value barely moved because the price per litre dropped.

Two years is a trend, not a blip

This is not a one-off. In the year to June 2025, the same pattern played out, with exports dipping 0.6% in value as volumes rose 4.5%. Two consecutive years of volume outrunning value tells you the industry is doing more work for the same money.

The pressure is concentrated where the volume is. One analyst told Rural News Group that the market response to Marlborough had become somewhat muted given the volumes being produced and the low prices, while another pointed to enormous pressure in grocery from heavily discounted Sauvignon Blanc, particularly in the UK and US.

Winning a shrinking contest

Context makes the volume growth more impressive and the price slide more understandable. Global wine exports have fallen to a 22-year low, below 600 million litres for the first time since 2004, with consumption falling for a third consecutive year. New Zealand is gaining share in a contracting market, which is genuinely good, but it also means competing harder for fewer consumer dollars.

The industry is not sugar-coating it. NZ Winegrowers general manager brand Charlotte Read said the global industry is under incredible pressure and going through a period of reset, adding that in a softening market New Zealand is showing remarkable resilience. Chair Fabian Yukich was measured, saying long-term fundamentals remain strong but many members have been operating in an exceptionally difficult environment.

Where the real growth lives

The biggest market is the weakest. The US remains number one but slid 5.4% in value this year, extending a trend that saw it fall to $762 million, down 3% the year before. The UK rose a modest 4.3% in value, though the discounted grocery channel remains a concern there too.

The genuine wins are in Asia. China volumes surged 72% with value up 24% to more than $69 million. South Korea has become a structural market, with Read noting that a handful of brands had transformed into a vibrant New Zealand category in retail stores, where Sauvignon Blanc is now the most popular white wine variety.

Style is the structural bet

The industry’s consistent argument is that New Zealand’s lighter, fresher styles match where consumers are heading. Matua winery manager Gavin Williams said preferences were shifting toward lighter varietals and styles, pointing to a low-alcohol Sauvignon Blanc recording 40 consecutive weeks of growth in the US. About 90% of New Zealand wine produced is white, a trend running with the grain in Asia.

What could shift the value equation

Two structural factors matter. The 2026 harvest was 15% smaller than 2025, a welcome correction after larger vintages created an oversupply that dragged prices down. A tighter vintage should, in theory, help stabilise per-litre values. The second is the India FTA, with optimists pinning hopes on tariff reductions opening that market, though one winemaker cautioned it is a new market with teething problems.

The domestic market offers no rescue. Per capita consumption sits at a 30-year low of 7.5 litres and excise has risen 22% in four years to $2.84 a bottle.

The $2.11 billion headline is a genuine achievement in a market shrinking around it. But the price per litre is the number driving strategy now. The wineries with durable margins will be the ones building in China and Korea, leaning into low-alcohol and lighter styles, and getting off the treadmill of bulk Marlborough Sauvignon sold cheap through overseas grocery aisles.

Sources

• NZ wine exports continue to rise despite ‘difficult’ global market (2026-09-24)
• Global wine slump affecting exports from down under – new stats (2026-08-25)
• Volume rise outpaces value – again – for New Zealand wine in year to June – data (2026-09-23)
• Is this the end of the great, grape goldrush? (2026-09-19)
• New Zealand Winegrowers Releases 2025 Annual Report (2025-09-29)
• New Zealand Wine Industry Statistics and Data – Annual Report 2025 (2025-06-30)
• Green Shoots Offshore for New Zealand Wine Exports (2026-09-23)
• Sauvignon blanc’s popularity bolsters NZ wine exports despite slump in global demand (2026-09-23)