The "China Effect," following the resolution of the tariff dispute, played a significant role in keeping Australia's total wine export value stable for the year (July 2023 to July 2024). However, this effect was primarily seen in April and May. Bulk wine exports saw a decline, particularly due to reduced demand in key markets like the U.S., Canada, Germany, and France. Prices for some white wines are now decreasing.
Meanwhile, New Zealand reported an official harvest of 395,000 tons for 2024, roughly 21% lower than the previous year. Despite this, there is still 2023 Sauvignon Blanc available, and its price continues to drop. Most other countries are seeing stable prices, with South Africa showing an upward trend.