A watershed year - the 2008 vintage

摘要

Although the 2008 harvest figure of 1.83m tonnes positively demonstrates our industry's adaptability to challenging circumstances, there is little doubt that it is above our immediate, and even medium-term needs. Somehow, we have to come to terms with the fact that we are not a 2m-tonne industry, especially considering our existing high currency value, and tough domestic and international market conditions. In demand terms, we are a 1.5m-tonne industry, or even less.rnContinued high crop levels such as this put unnecessary strain on our industry in terms of stockholding and margin pressures, which are unsustainable in the long-term. Warning signals to grapegrowers and wineries - such as low grape prices and excess stocks - have, surprisingly, not so far resulted in substantial industry restructure. However, there are compelling signs that 2008 marks a turning-point for our industry.