Argentina's wine industry is expected to see renewed export growth in 2016, thanks to the country's new president. 

According to Rabobank's Global Wine Quarterly Q1 report, high inflation, a strong peso and export taxes had created major hurdles for wine producers. But president Mauricio Macri's moves to cut restrictions to foreign currency and eliminate export tax are set to benefit the trade. 

Rabobank said in its report that the two moves had improved the country's competitive positioning by 50% "almost overnight". 

The changes mean wineries can be more profitable and more flexible on pricing, than they have been in several years, according to Rabobank.

"As the fifth largest producer of wine in the world, the change in Argentina's competitiveness is likely to have implications for numerous other regions," the report said.

But Rabobank warned that Argentina's major competitors - Chile and Australia - have benefited from advantageous trade relationships with key export markets. Meanwhile, the demand for bulk wine the US, which Rabobank said was a key market for Argentina, has declined. 

In November, Diageo agreed to sell its Argentinian wine brands, Navarro Correas and San Telmo, to Argentinian producer and distributor Grupo Peñaflor.