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Australian wine exports down but demand remains strong in Hong Kong and China
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According to the latest Australian Wine and Brandy Corporation figures, Australian wine exports fell by 15% to $2.6b in the year to September 2008, but despite wine exports being down on last year, supply and demand for Australian wine has now reached a balance.
Lawrie Stanford, Manager-Information and Analysis, Australian Wine and Brandy Corporation, who will be speaking at the Institute of Chartered Accountants in Australia’s (the Institute) Chartered Accountants Wine Industry Day, said: “A challenge the industry needs to exert some control over, is supply and demand balances. An important part of creating an environment in which value-building can occur is to ensure that production is kept in line with sustainable demand. We are now starting to see this happen.”
Along with a balance in supply and demand, a recent weakening in the Australian dollar and the removal of tax on wine in Hong Kong, has seen sales increase in Asia. The year to September 2008 saw the value of shipments to China increase to A$64m and value shipped to Hong Kong increased by 25% to A$35m.
Global trading conditions are however, proving challenging for the industry. The credit crisis in key markets, a volatile Australian dollar, and increased costs of production and distribution are placing pressure on demand for Australian wine and exports to Australia's largest export markets, the UK and the US.
Stanford will be presenting on the Australian Wine outlook, at the Institute of Chartered Accountants Wine Industry Day.
The conference will feature industry renowned speakers covering a number of key topics and will offer an opportunity for those working in or advising to the Australian wine industry, to learn more about the industry's outlook, taxation, accounting, financial and business management issues.
The Wine Industry Day will be held on Monday 24 November 2008 at the Hyatt Regency, Adelaide. To register please contact, +61 8 8113 5500 or log on to charteredaccountants.com.au/training