NEWS
CHINA CUSTOMS: WINE IMPORTS DECLINED 16.4% IN 1ST 9 MONTHS
By David Ma
28-10-2019
The decline in China’s wine imports showed no signs of abating, according to the latest figures released by China’s General Administration of Customs, imported wines declined by 16.4% by volume and 16.8% by value in the first three quarters of 2019.
Figures from China Custom’s website showed that a total of 5.01 million hectoliters of wines were imported in the first nine months of 2019, representing a decline of 16.4%% compared to the same period last year.
By value, the numbers are equally daunting, total value of wines imported in the period amounts to RMB17.9billion (USD2.61billion), representing a decline of 16.8% year-on-year according to China Customs.
China’s imported wine sector has been hit by what can be described as a triple whammy. The industry was hit by a double digit decline in the value of Renminbi since last year which made imported wines more expensive.
Meanwhile, the Chinese economy has been slowing amid an on-going trade war with USA, China’s economy is currently growing at about 6% which is the weakest in 30 years.
It is reported that close to 3000 Chinese wine importers have ceased to trade since start of this year, in the face of the tough market conditions.
China’s imported wine sector is now hoping for an uplift by the festive season in the fourth quarter and an earlier Chinese New Year which will fall on 25 January next year.
However, it is highly likely that China’s imported wine market will see another year of contraction after last year’s first annual decline since 2014.
(the writer can be contacted at: DavidMa@thewinechronicle.com)
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