New Zealand winegrowers report bumper harvest
WELLINGTON (AFP) - New Zealand winegrowers enjoyed a record harvest in 2013 but are well placed to avoid the oversupply issues that have hampered them in the past, accounting giant Deloitte said on Thursday.
Deloitte reported winegrowers produced a grape harvest of 345,000 tonnes in 2013, the biggest on record and a 28 per cent increase on the previous year.
Previous bumper harvests in 2008 and 2009 resulted in a wine glut, forcing down prices, but Deloitte said the industry had learned its lessons and put plans in place to deal with a rise in volumes.
Tim Burnside, associate director of corporate finance at Deloitte Christchurch, said the last surplus occurred after an influx of new entrants into the booming industry and caught the market by surprise.