Economy Now
Wine exports surge ... from Florida and New Jersey?
March 15, 2013: 3:24 PM ETThe last few years have been ripe for U.S. vintners. Wine exports have surged 64% since 2007.
While most exports still come from California, other states are getting in on the game. New York has long been known for its growing wine industry, but Florida and New Jersey are nursing start-up vineyards as well.
The top overseas destinations for U.S. wine are the U.K. and China, according to the Southern United States Trade Association.
Most U.S. wines outside of Napa Valley still don't have the cachet as, say, wines from the Loire Valley or Chile. So what's the draw?
In Asia "there's a lot of conspicuous consumption," said SUSTA Executive Director Jerry Hingle. "They want something unique, something their neighbors aren't drinking yet."
If they're drinking Trenton Cabernet, that's probably a pretty safe bet.
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Obama is unlikely to meet his goal on exports
Three years ago in his 2010 State of the Union address, President Obama unveiled a lofty goal to double U.S. exports by the end of 2014.
At this point, it doesn't look like he will get there.
Last week we found out that exports had a record year in 2012, totaling $2.2 trillion. The administration called it "further proof that 'Made in the USA' products are in demand all over the world."
But MORE
Annalyn Kurtz - Feb 12, 2013 12:18 PM ET -
What's China buying from the U.S.?
U.S. exports to China topped $100 billion for the first time in 2011, the latest in a series of rapid expansions, according to a new report from the US-China Business Council.
That means China -- the world's second largest economy -- trails only Canada and Mexico as a buyer of American goods. Exports hit $103.9 billion in 2011, an increase of $12 billion over the previous year.
The recent growth will go MORE
Charles Riley - Mar 27, 2012 11:04 AM ET
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