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Wine export revenues hit new high

Published:  23 July, 2008

New Zealand wine exports revenues reach a record high of NZ$766 million (300m) - up 16% on the year before.

New Zealand Winegrowers (NZWG) said the increased revenues to March was up from NZ$661m (259m) the previous year.

NZWG chief executive Philip Gregan said the growth reflected strong demand for New Zealand wines in new and existing markets.

"Our on-going market success reflects our status as world class producer of sauvignon blanc, pinot noir, chardonnay and a range of other styles."

Gregan said previous growth had been constrained by shortages of key grape varieties and the high dollar.

New Zealand wine volumes have risen at a compound annual growth rate of 19% over the past decade and 26% for the past five years.

Strong growth and rising demand has come from key markets including the UK, Australia, United States and Canada.

Good weather boded well for the 2008 vintage.

"This combination of continued strong demand and a quality, increased vintage means we are on track to reach our export goal of NZ$1 billion by 2010," Gregan said.