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Falling exchange rate boosts record New Zealand wine exports

Xinhua, January 28, 2016 Adjust font size:

The value of New Zealand wine exports rose 14 percent to a record 1.54 billion NZ dollars (993.45 million U.S. dollars) last year, driven by a falling exchange rate, the New Zealand Winegrowers industry body said Thursday.

Sales to the United States, New Zealand's biggest overseas wine market, were up by 26 percent and accounted for more than a quarter of the total, association CEO Philip Gregan said in a statement.

New Zealand wine was exported to more than 90 countries, and was the country's sixth largest export good.

"The lower New Zealand currency has assisted the increased returns," said Gregan.

New Zealand wine exports reached 1 billion NZ dollars (644.4 million U.S. dollars) in 2010 and the industry had a goal of 2 billion NZ dollars (1.28 billion U.S. dollars) of annual exports in 2020.

The latest figures showed the industry was well on track to achieving the goal, said Gregan. Endit