Booming exports have helped the wine industry reduce its glut by about 40 million bottles. New Zealand Winegrowers now expects exports for the year ending June 30 to be 220m litres – 15m more than originally expected. However the total value of the exports will remain at about $1.1 billion, roughly the same as the previous year, as the price received per litre has fallen. "This new forecast suggests 2011 sales [to June 30 this year] will exceed production from the 2010 vintage by 30m litres, meaning lower stock levels for many wineries going into the current harvest," Winegrowers' chief executive Philip Gregan said yesterday.