Argentine wine exports fall 28.7% in July as seven-month volume remains higher
Argentina exported 129,646 hectolitres of wine in July 2026, down 28.7% year on year, as packaged-wine shipments contracted sharply. However, January-July volume rose 6.8%, supported by a 46.1% increase in bulk wine and stronger concentrated grape must exports.
Packaged wine drives July contraction
Argentina's wine exports declined sharply in July 2026, contrasting with a positive result for the first seven months of the year. According to Diario El Zonda, the country shipped 129,646 hectolitres of wine during the month, down 28.7% from 181,721 hectolitres in July 2025.
The contraction was concentrated in packaged wine. Export volume in this segment fell 33.9% year on year, from 152,785 hectolitres to 101,047 hectolitres. Bulk wine proved more resilient: shipments slipped only 1.2% to 28,599 hectolitres.
Wine export revenue reached $42.877 million FOB in July, a 32.6% decline from the same month of 2025. The steeper fall in value than in total volume indicates additional pressure on the month's export mix and average returns.
Bulk shipments protect the seven-month result
Despite the July decline, cumulative wine exports for January-July 2026 increased 6.8% to 1,153,847 hectolitres, compared with 1,080,056 hectolitres in the corresponding period of 2025. The result was primarily driven by bulk wine, whose shipments jumped 46.1% from 239,890 hectolitres to 350,592 hectolitres.
That expansion more than offset a 4.4% reduction in packaged-wine volume over the seven-month period. The figures show a growing divergence between the two export channels: bulk wine is supplying the volume growth, while the higher-value packaged segment remains under pressure.
Concentrated grape must also weakened during July. Export volume fell 13.8% to 6,966 tonnes from 8,085 tonnes a year earlier, while revenue declined 24.1% from $11.971 million to $9.083 million FOB.
Grape must and Malbec retain strategic weight
The longer-term picture for grape must remained positive. Combined exports of concentrated and sulphited must generated $82.187 million FOB in January-July, 17.2% more than the $70.099 million recorded in the same period of 2025. Concentrated must volume rose 28.1% to 55,386 tonnes, generating $76.412 million FOB, up 15.3% year on year.
The difference between volume and revenue growth reflects weaker pricing. Diario El Zonda reported that the average concentrated-must export price declined 10% to $1,379.6 per tonne. Exporters therefore shipped substantially more product but received a lower average return for each tonne.
Within packaged varietal wine, Malbec remained Argentina's leading export category in July. It accounted for 64% of varietal export volume, with shipments of 66,314 hectolitres valued at $23.076 million FOB and an average price of $3.5 per litre. Cabernet Sauvignon ranked second with a 12% share.
Bottles continued to dominate packaged-wine exports, representing 94.8% of July volume, or 95,794 hectolitres out of 101,047 hectolitres. Tetra Brik accounted for 5.2%, equivalent to 5,207 hectolitres. For producers and exporters, the central tension is clear: bulk wine and grape must are sustaining aggregate performance, but the July contraction in packaged wine places pressure on the segment most closely associated with branding and higher unit values.
