Australian winemaker raises a glass to prospect of UK free trade deal

The Financial Times has reported that one of Australia’s largest wine exporters has said that a free trade agreement with the UK would reduce the cost of better quality wine for British drinkers while helping to fill the void left by a collapse in exports to China.

FT reports that Limestone Coast Winery, one of the 20 largest Australian wine exporters by value, had its profit margin “disappear overnight” given that China accounted for about 50 percent of revenue and most of its cash flow.

“It was ‘Black Friday’ when the tariffs came down,” said Richie Vandenberg, chief executive of the South Australian producer.