New Zealand's wine industry perks up as oversupply of grapes peaks
New Zealand's wine industry perks up as oversupply of grapes peaks
Nov 23, 2012 6
(TheAustralian) - NEW Zealand's wine industry has news worth toasting: an oversupply of grapes that tainted the country's reputation as a maker of premium wines has peaked.
The wine grape harvest this year was 18 per cent lower than last year because of cool weather. This has combined with a shortage of grapes in California and increasing consumption of wines in Asia, particularly China, to boost demand.
"The smaller vintage is having a significant impact on our supply-demand equation in the industry," New Zealand Wine chief executive Philip Gregan said. "Grape grower and wineries are looking more positively to the future than they have been for a little while. It's certainly not all doom and gloom."
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