Wine is a long-standing agro-industrial product, whose production and consumption were concentrated in Mediterranean areas and marketed within short-range channels, except for very high-quality wines. The globalisation process of the last decades has brought about significant changes: There are many areas of the planet where it is not produced and is barely consumed, but trade has increased considerably at all levels, including internationally. Global value chains have been organised that affect not only quality wine but also bulk wine, with distinct networks of actors in each case. In this context, we analyse the case of Spain, which has been the world’s leading wine exporter for a decade. The wine export market is clearly dual, with bulk wine largely dominant in volume, though not in value. Quality wine is structured through Protected Designations of Origin, which produce and bottle the wine entirely on-site. These play a secondary role in terms of export volume, but a leading role in terms of revenue. The domestic market offers them better prices and demands more volume than the international market. An outstanding conclusion is that the Protected Designations of Origin, with the greatest propensity to export, are those that sell at the most affordable prices.