(Bloomberg) -- Australia’s wine exports jumped by more than a third, boosted by an increase in shipments to China after the Asian nation lifted tariffs.
The value of shipments in the year through September rose 34% to A$2.4 billion ($1.6 billion), its highest since the 12 months through August 2021, according to Wine Australia. That follows a recovery in supply to China and Hong Kong after Beijing in late March lifted punitive tariffs of as much as 218% on Australian wine put in place three years earlier.
“It will take time before it is evident how Chinese consumers are reacting to having Australian wine back in market,” said Peter Bailey, manager for market insights at Wine Australia. “Despite this recent growth in exports, it is increasingly important to pursue market diversification and defend our share in other wine markets.”
The value of shipments to mainland China increased by A$604 million to A$612 million in the period, while volume jumped by 58 million liters to 59 million liters, according to the Wine Australia report. The value of exports to all other destinations was stable at A$1.78 billion, and fell 3% in volume terms to 585 million liters.
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