Australian wine exports jump by a third as China resumes buying

Published Oct 22, 2024

Tridge summary

Australia's wine exports have seen a significant increase, with a 34% rise in the past year reaching A$2.4 billion, largely due to the removal of tariffs by China. The value and volume of shipments to China and Hong Kong have increased, making it the largest market for Australian wine. However, Wine Australia has emphasized the importance of market diversification and protecting market share in other regions as the majority of exports to other destinations saw a decrease in volume.

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

Original content

(Oct 22): Australia’s wine exports jumped by more than a third, boosted by an increase in shipments to China after the Asian nation lifted tariffs. The value of shipments in the year through September rose 34% to A$2.4 billion (US$1.6 billion or RM6.9 billion), its highest since the 12 months through August 2021, according to Wine Australia. That follows a recovery in supply to China and Hong Kong after Beijing in late March lifted punitive tariffs of as much as 218% on Australian wine put in place three years earlier. “It will take time before it is evident how Chinese consumers are reacting to having Australian wine back in market,” said Peter Bailey, the manager for market insights at Wine Australia. “Despite this recent growth in exports, it is increasingly important to pursue market diversification and defend our share in other wine markets.” The value of shipments to mainland China ...

Source: Theedgemarkets