The different evolution of wine production and consumption in Spain in recent decades has pushed the sector into a model which is highly dependent on international markets. In these circumstances, the variable that determines the viability of many enterprises is the performance of exports. This article evaluates the performance of Spanish wine exports using a set of indicators that measure their diversification, adaptation and competitiveness in target markets. The results show a positive export performance in three dimensions, which contributes to determine the keys to their success, especially in volume, and to guide future strategies.