By Dylan Moran
The New Zealand wine industry is feeling buoyed.
After two years of over supply which saw a drop in wine prices, the 2012 grape harvest is down 18 percent – but this is a good thing, says Deloitte’s Paul Munro.
“The last couple of years have been characterised by a couple of things, oversupply on one hand and also some tough economic conditions,” he told Firstline this morning.
Mr Munro says the profitability of the New Zealand wine industry has been hampered, but an 18 percent lower harvest this year should prevent the bulk sales of previous years.
Mr Munro says banks have been supportive of the wine industry, taking a “long-term view”.
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