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In its Commodities Weekly report, it says harvest was around 23,000 tonnes or 6% larger than last year’s.
A 4% lift in yield accounted for most of the lift in harvest. Regionally, the Waipara Valley has bounced back from last year’s difficulties, with the harvest up by over a third. I
In addition, the Hawkes Bay, Central Otago and Wairarapa all saw harvests jump by over 20%. Of the main wine regions, only Gisborne saw its harvest dip (by 20%), while Marlborough posted a modest 4% lift.
ASB says the larger harvest will support export volume and value growth this year.
In the year to May 2018, export values lifted 3.3% compared to the year earlier, mainly due to higher export volumes, with prices lifting just a touch.
“However, we expect this year’s larger harvest to put some downward pressure on prices. Also, given wine’s relative luxury status it is more likely to get see global demand soften in the fallout from trade tensions,’ the bank says.
