Australian wine exports slump as global consumers drink less.

Wine sales to Hong Kong increased by 74% in 2022, reaching $290 million. This surge suggests Hong Kong traders are rebuilding stocks in anticipation of China reopening its market to Australian wine brands. The Australian Grape and Wine industry group's CEO, Lee McLean, stated that China's review of import tariffs could be halfway completed by now, potentially leading to an improvement in export wine trade. However, a full recovery is not guaranteed due to the changed market conditions and spending patterns since the previous $1.2 billion sales.

February 05, 2024
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