Argentina Wine Export Volume Rises, but Revenue Falls 4.7%

Argentina is shipping more wine abroad in 2026, but the extra volume has not translated into higher export revenue. New figures from the National Institute of Viticulture show a market gaining momentum in physical shipments while earning less for the wine exported during the first nine months of the year.

Wine exports reached 1,480,437 hectoliters from January through September, up 3.2% from the same period of 2025. Their free-on-board value fell 4.7% to $474.4 million. Free-on-board, or FOB, measures the value of goods at the point of export before the buyer pays international freight and insurance.

The combination matters more than either figure alone. Based on the official volume and value totals, Argentina earned an average of about $3.20 per exported liter during the nine-month period. The comparable figure implied by last year's totals was about $3.47 per liter. That is a decline of roughly 7.7% in average export value per liter.

This is not the same as a 7.7% fall in the price of every Argentine wine. The average can move because of changes in product mix, destination markets, contracts, packaging formats and currency effects. The regulator's release does not identify a single cause. What the data establish is that volume growth has been accompanied by weaker value per unit across the export basket.

September brought a sharp rebound in shipments

The latest month was much stronger than the year-to-date picture. Argentina exported 230,744 hectoliters of wine in September, 24.2% more than in September 2025. Packaged wine shipments increased 26%, while bulk wine rose 18%.

The bulk category was split. Exports of colored bulk wine fell 4.6%, but white bulk wine jumped 329.4% from a much smaller comparative base. The government release does not publish the absolute white-wine volume in its summary, so the percentage should not be interpreted as evidence that white bulk wine has become the industry's largest export segment.

The September increase shows that overseas movement accelerated late in the reporting period. It does not erase the nine-month revenue decline, but it gives exporters a larger physical base heading into the final quarter.

Non-varietal and sparkling wines grew while varietals slipped

The composition of exports also changed. For January through September, wines without a varietal designation increased 42.2% in volume and sparkling wines rose 17.4%. Varietal wines, which identify the grape variety on the label, declined 2.5%.

That pattern may help explain part of the gap between volume and value, because a faster-growing lower-value segment can pull down the average even when some premium categories perform well. However, the official release does not provide value by category, so it would be speculative to attribute the entire decline to product mix.

For producers and exporters, the practical question is whether September's recovery is being driven by durable demand or by a temporary concentration of shipments. The next monthly reports should show whether packaged wine maintains its pace and whether total export revenue begins to follow volume upward.

Concentrated grape must tells a similar value story

Argentina's concentrated grape must exports also expanded. Shipments rose 34.5% year over year in September. During the first nine months, the country exported 72,385 tonnes, up 20.1%, with FOB revenue of $105.5 million, an increase of 9.3%.

Here too, volume grew faster than value. The official totals imply an average export value of about $1,457 per tonne for concentrated must in 2026, below the level implied by the same period of 2025. Concentrated grape must is used by food and beverage manufacturers as a sweetener, color source and ingredient, so its trade performance reaches beyond bottled wine.

The stronger growth in must revenue than in wine revenue also shows why the two product groups should be separated. Argentina is exporting more of both, but bottled and bulk wine together are earning less in total, while must exports are generating more revenue despite a decline in average value per tonne.

Why the numbers matter beyond Argentina

Argentina is a major Southern Hemisphere wine supplier, and changes in its export mix affect importers, distributors, bottlers and competing producers. More bulk and non-varietal volume can intensify competition in price-sensitive markets, while packaged wine growth matters for branded exporters and retail buyers.

For wineries, the central risk is margin pressure. Higher physical shipments support plant utilization and help move inventory, but falling average export value can limit the benefit if production, packaging and financing costs do not fall with it. For buyers, the same trend can create sourcing opportunities, although the headline average says nothing about the quality or price of an individual contract.

The September surge is therefore genuinely positive for market access and shipment activity, but the nine-month revenue decline prevents a simple success narrative. Argentina's wine export recovery will be stronger only if volume growth begins to carry more value with it.

What to watch next

Three indicators will show whether the improvement is broadening: the value of packaged wine exports, the balance between varietal and non-varietal products, and the average FOB value per liter. Destination-level data will also matter because growth concentrated in one market can be less resilient than expansion across several regions.

The National Institute of Viticulture's next trade report should provide the first test. If September's double-digit volume growth continues and export value stabilizes, the sector may be moving into a more balanced recovery. If revenue remains weak, exporters will still be selling more wine without capturing more money.