Business
The volume of wine exports to all six of Australia’s biggest customers fell in the 12 months to September 30 despite efforts to find new markets in the wake of crippling China tariffs.
Business
A more than $400 million drop in wine exports to China since January 1 drove a 10 per cent decline in global shipments of Australian wine in the 2020-21 financial year, figures released today by Wine Australia show.
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Exports of Australian wine fell by more than $100 million in the last three months of 2020, signalling a tough year ahead for local companies as Chinese tariffs hit hard.
The recent announcement of harsh Chinese tariffs on Australian wine imports will devastate South Australia’s huge wine industry. But the magnitude of the blow could have been significantly reduced if Australian producers had pursued greater diversification in their export strategies, argue Flinders University Professor Roberta Crouch and Dr Nathan Gray.
Australia’s largest listed wine company Treasury Wine Estates has unveiled its plan to reduce the impact of harsh Chinese tariffs as its share price continues to slide.
Exports of premium Australian wine have reached a record value of $1.1 billion but the high could be short-lived as concerns emerge over the impact of coronavirus on China and declining North American sales.
