NEWS
WINE AUSTRALIA REPORTED FIRST CHINA EXPORT UPLIFT SINCE 2020 UP 21% IN PAST 12 MONTHS
By Siulan Law Mathews DipWSET
2-5-2024
Source: Wine Australia/X
Export of Australian wines to Mainland China experienced the first uplift since 2020, growing 21 percent by value to AUD13 million in the 12 months to March 2024, according to the latest Wine Australia Export Report.
As the Chinese authority announced removal of punitive tariffs on Australian wines in late March, much higher growth figures can be expected in future reports as most of its impact is still to be reflected.
Hong Kong remained the fastest growing market in the period, Australian wine exports to the Asian financial hub increased by 60 percent to AUD290 million, skewed towards higher-end reds priced at AUD10 per litre and above.
Many of the wines exported to Hong Kong are expected to be on-shipped to other markets, mainly Mainland China.
Hong Kong’s strong performance made Asia the largest region by value for Australian wine exports in the period, with a 36 percent value share.
Exports to Japan also grew during the period – up 4 per cent in value to AUD48 million – mainly driven by wines priced between AUD2.50 and 4.99 per litre as well as those above AUD10 per litre.
Overall, Australian wine exports declined by 1 percent in value to AUD1.88 billion and 2 percent in volume to 611 million litres in the 12 months to March 2024.
Wine Australia Manager, Market Insights, Peter Bailey said that over the past 12 months, growth in some markets in Asia and Europe has been offset by a decline in exports to North America and, to a lesser extent, other destinations in Asia.
"The largest drivers of value growth in the past 12 months were Hong Kong, New Zealand, and the UK, while exports to Canada, USA, Singapore, South Korea, Indonesia and Malaysia declined,” Bailey said.
The top five markets by value were:
• UK (up 2 percent to AUD367 million. 20 percent share of total export value)
• US (down 7 percent to AUD356 million. 19 percent share of total export value)
• Hong Kong (up 60 percent to AUD290 million. 15 percent share of total export value)
• Canada (down 15 percent to AUD147 million. 8 percent share of total export value), and
• Singapore (down 11 percent to AUD119 million. 6 percent share of total export value).
The top five markets by volume were:
• UK (up 10 percent to 228 million litres. 37 percent share of total export volume)
• US (down 13 percent to 127 million litres. 21 percent share of total export volume)
• Canada (up 2 percent to 74 million litres. 12 percent share of total export volume)
• New Zealand (up 6 percent to 30 million litres. 5 percent share of total export volume), and
• Germany (down 5 percent to 26 million litres. 4 percent share of total export volume).
(the writer can be contacted at: info@thewinechronicle.com)
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