Argentina exports more wine but revenue falls as bulk shipments reshape sales mix
Argentina exported 1,480,437 hectoliters of wine in January-September, up 3.2% year on year, while FOB revenue fell 4.7% to $474.43 million. Rapid growth in lower-priced bulk wine reduced the average export return to about $3.20 per liter.
Higher volume delivers lower export revenue
Argentina exported 1,480,437 hectoliters of wine between January and September, 3.2% more than in the same period of 2025, according to provisional data from the National Institute of Viticulture, or INV, reported by Vinetur. FOB revenue nevertheless declined 4.7% to $474.43 million. The published changes imply that exporters shipped about 45,900 additional hectoliters but earned roughly $23.4 million less.
Based on the INV totals, average revenue fell from approximately $3.47 to $3.20 per liter, a decline of close to 7.7%. The figures point to a shift toward products, formats and destination markets generating lower returns per liter rather than a contraction in foreign demand measured by physical volume.
Bulk wine expands while packaged wine contracts
Bulk wine was the main source of volume growth. Shipments reached 406,508 hectoliters, rising 24.5%, but their value increased only 1.3% to $32.38 million. The segment’s average price dropped from $0.98 to $0.80 per liter. Packaged wine moved in the opposite direction: volume declined 3.1% to 1,073,929 hectoliters and revenue fell 5.1% to $442.05 million.
Packaged products still generated more than nine out of every ten dollars earned from wine exports. Bottles accounted for 1,038,243 hectoliters, or 96.7% of packaged shipments, compared with 34,208 hectoliters in Tetra Brik and 1,231 hectoliters in bag-in-box. The faster growth of bulk sales therefore had a disproportionate downward effect on the industry’s overall average price.
Non-varietal and white wine drive growth
Non-varietal wine volume rose 42.2% to 234,708 hectoliters, while revenue decreased 1.3% to $36.11 million. Its average price fell from $2.22 to $1.54 per liter, with bulk shipments within the category surging 213.9%. Varietal wine remained Argentina’s leading export category but declined 2.5% to 1,199,393 hectoliters, while receipts dropped 5.5% to $418.13 million.
Sparkling wine performed more strongly, with volume up 17.4% to 46,058 hectoliters and revenue up 6.2% to $19.97 million, although its average price was also below the 2025 level. White wine shipments increased 29.3% to 302,598 hectoliters, supported mainly by bulk white wine, whose volume climbed from 40,389 to 108,580 hectoliters. Colored wine exports fell 1.9% to 1,177,839 hectoliters.
September recovery highlights differences between markets
September brought a stronger monthly result. Argentina exported 230,744 hectoliters, up 24.2% from September 2025, while revenue increased 21.1% to $76.79 million. Packaged wine volume rose 26% and bulk wine 18%. Bulk white shipments jumped 329.4%, whereas colored bulk wine declined 4.6%. The monthly improvement was not enough to reverse the revenue decline accumulated over the first nine months.
The United Kingdom was September’s largest buyer by volume at 44,626 hectoliters, reflecting a greater concentration of bulk wine. The United States ranked first by value at $15.72 million because its purchases included more higher-priced packaged wine. Brazil was the third-largest destination by volume with 27,670 hectoliters, all packaged. Malbec represented 127,353 hectoliters, or 68.9% of monthly varietal exports, and generated $44.26 million. Mendoza supplied 216,495 hectoliters, equal to 93.8% of Argentina’s September wine exports.
