Argentina’s wine exports bounced back sharply in September, rising 24.2% from a year earlier to 230,744 hectoliters.
According to the National Viticulture Institute (INV), the federal agency that tracks the country’s wine industry, the gain breaks cleanly with a weak summer, though the year-to-date numbers show that higher volumes are not yet translating into higher revenue.
A Clear Break from a Weak Trend
September’s result followed two difficult months. Export volumes had fallen 41.8% in July and 29.6% in August compared with the same months of 2025.
The recovery reached both main sales channels:
- Bottled wine: shipments rose 26%.
- Bulk wine: exports rose 18%, with white wines the main driver, surging 329.4% from a year earlier.
Nine Months: More Volume, Less Money
Between January and September, Argentina exported 1,480,437 hectoliters of wine, up 3.2% on the same period of 2025. However, the total free-on-board (FOB) value fell 4.7% to $474.4 million.
That gap matters. Shipping more product while earning less can signal pressure on export prices and margins, and it limits the benefit of volume growth in a business with high agricultural, packaging and logistics costs.
Uneven Performance by Category
Results varied widely across product types in the first nine months:
- Wines without a varietal designation: up 42.2%, the largest increase.
- Sparkling wine: up 17.4%.
- Varietal wines: down 2.5%.
Malbec remains by far the leading variety abroad, accounting for nearly 70% of total wine exports. Cabernet Sauvignon ranks second with 9%, followed by Chardonnay with 7%.
Concentrated Must Outperforms Wine
Concentrated grape must, another important export for Argentina’s wine regions, showed stronger momentum. Exports rose 34.5% in September from the previous month. Over nine months, they reached 72,385 tons (+20.1%), with revenue up 9.3% to $105.4 million.
The contrast with wine is notable: in must, both volume and revenue grew, while in wine only volume did. The difference may reflect distinct pricing conditions, product mix and demand patterns between ingredients and finished drinks.
Outlook: Stronger Volume, Open Question on Value
With a quarter of the year still to go, volumes shipped through September are already close to the total for all of 2025. If the pace holds, Argentina could close 2026 with a stronger annual volume result. The open question for producers is whether sales growth can be converted into better revenue per shipment in a tougher pricing environment abroad.
Source: Vinetur