This paper overviews the current structure and dynamics of international trade in wine with an emphasis on its intra‐industry features. Using network analytic methods, we illustrate developments in the world's wine markets since the mid‐1960s around a relatively stable core of countries. Those developments include both evolving demands for wine and, on the supply side, a rapidly emerging group of countries entering the core without displacing the original members. Not surprisingly, given that the analysis is based on bilateral trade in a single product, the developing patterns of intra‐industry trade are quite consistent with the patterns revealed in the network analysis.