07 Feb Wine market diversification remains paramount amidst growth
The conclusion of 2024 saw Australian wine exports increase by 34% in value to $2.55 billion and by 7% in volume to 649 million litres.
This positive outcome was a result of high levels of shipments to mainland China post-tariff removal in the months April to December 2024, accounting for 83 million litres of wine, worth $902 million.
However, it’s worthwhile noting that Chinese wine consumption is much lower than what it was before the implementation of the tariffs. This decrease is largely reflective of the overall global trend of reduced alcohol consumption due to factors such as health and wellness concerns and the rising cost of living, which has resulted in a global oversupply of wine and increased competition in already strained supply chains.
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