Australia: Hong Kong, NZ, and the UK drive export value growth

Australian wine exports experienced a slight decline with a decrease of one percent in value to $1.88 billion and two percent in volume to 611 million liters in the year to March 2024, according to Wine Australia’s Export Report. This small decrease is indicative of a stable period for the industry's export performance. Hong Kong emerged as a bright spot, growing by 60 percent to $290 million, contributing a 15 percent share of the total export value. However, exports to North America and certain Asian destinations saw a decline, with the largest value growth reported in Hong Kong, New Zealand, and the UK. Asia remained the largest region for Australian wine exports, with a 36 percent value share. The United Kingdom's performance was particularly noteworthy, with an increase in the value and volume of exports, driven by consumers opting to drink wine at home during the cost-of-living crisis.