Australia’s wine exports to China plunged to just $13 million in the six months ended June 30 compared with $490 million a year earlier as the full impact of the punishing wine tariffs imposed by Beijing washed through, AFR reports.
Wine Australia announced on Wednesday that total wine exports from Australia for the 12 months of 2020-21 dropped by 10 per cent to $2.56 billion as the hit from China tariffs dragged exports lower, even though a healthy rise in sales to the United Kingdom partially offset the fall.
It gave extra details on the China tariff hit which has decimated exports to what was Australia’s most lucrative export market and an important profit centre for Penfolds owner Treasury Wine Estates, the ASX-listed wine giant that paved the way in building up the China market for premium wine.
Read the full story here (possible paywall).
Are you a Daily Wine News subscriber? If not, click here to join our mailing list. It’s free!