| Wine exports from Down Under have fallen in value for the first time in 15 years as the effect of the grape oversupply has slashed selling prices in key overseas markets, reports The Australian newspaper.
Figures issued by the Australian Wine and Brandy Corporation showed export volumes increased by 7% to 738 million litres for the year to September 30. But the average price a litre fell by 7% over the same period, resulting in an overall 0.6% decline in the value of exports to A$2.78 billion.
The corporation said the slide in export value was the first since it began keeping records of Australia's wine trade performance, in 1991. But it had been expected because of the continued growth of bulk wine sales.
Corporation analyst Lawrie Stanford said this growth was the result of opportunistic sales of excess wine supply, retailers buying bulk wine to sell under their own in-house labels and the lower cost of bottling Australian brands overseas.
http://www.theaustralian.news.com.au
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