Rocketing exports make Hong Kong a bright spot for Australian wine

Published 2024년 2월 13일

Tridge summary

In 2023, Australian wine exports to Hong Kong saw a 74% increase, amounting to 9.4 million litres of wine valued at AU$290 million (£149m). This surge may be a result of China's tariffs on Australian wine, which caused a significant decrease in exports to China, previously Australia's largest wine export market. While Hong Kong is often used as a trading hub and could potentially be a conduit for Australian wine to China, there is no concrete data to confirm this. Regardless, Hong Kong has become an increasingly significant market for Australian wine, with value exports nearly tripling over the past decade.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Hong Kong was a “standout” destination for Australian wine in 2023, with value exports up 74% year-on-year. But how much is being on-shipped to China amid ongoing tariffs? Value exports of Australian wine to Hong Kong rose 74% YOY in 2023. In the 12-month period, Australia exported 9.4 million litres of wine valued at AU$290 million to Hong Kong (£149m), also representing an increase of 27% in volume compared to the same period in 2022. Peter Bailey, Wine Australia’s market insights manager, called Hong Kong an “interesting market” — much like Singapore, it is used as a “trading hub” with wine imports often on-shipped to other destinations. China, previously Australia’s biggest export market for wine, imposed punitive tariffs on the country’s wine in 2020 as a result of political tensions caused by the Covid-19 pandemic. The tariffs have had a major impact on Australia’s wine industry in the years since. In late October 2023, China’s Ministry of Commerce announced a review of the ...

Source: Thedrinkbusiness