14 Jul Tariff removal sees Australian wine exports skyrocket
China’s abolishment of the wine tariff in March has seen Australian wine exports skyrocket in the months since.
Following the removal of this tariff, Australian wine exports have risen by more than 675% in volume and 8300% in value, as Australia’s exported wine value hit over AUD $15million, reflecting an increase of 8189% from the previous year.
This resumption of the flow of Australian wine into China will assist in clearing the current wine surplus of 2.8 billion bottles. Whilst this surplus was not solely due to China’s wine tariffs, as other contributing factors such as a large 2021 vintage, the Covid-19 pandemic and altered consumer preferences also played a part, the reopening of the Chinese market will assist in resolving the surplus issue.
Moving forward it will also continue to be a balancing act to ensure that the alternate export markets who supported the Australian wine industry do not feel under-appreciated with the return of what could once again be Australia’s largest export market.
In order to assist the Australian wine industry, the Federal Government has announced a $3.5 million funding package aimed at building demand and new markets both domestically and internationally, as well as supporting product diversification and exploring competition and regulatory issues.
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