An increase of 11 percent is expected for the value of winegrape production in the year 2023-24, according to a new report released by The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES), with the nominal gross value predicted to reach $947 million. This figure is down $14 million from the forecast in ABARES December 2023 Agricultural Commodities Report.

The ABARES Agricultural Commodities Report details its projections for the future of winegrape production and wine export value, containing ABARES forecasts for the value, volume and price of Australia’s agricultural production and exports.

According to the new report, production volumes are anticipated to be higher than the 2022-23 figures, with dry weather conditions leading to increased yields, although prices, particularly for red grapes, are still expected to fall due to the oversupply.

The report projects a decrease in production value for 2024-25, falling 2% to $926 million, with the value of wine exports expected to fall 3% to $1.8 billion over the same period.

Read the full report by Tim Kline here.

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