- Twelve-month exports leap 34% to AUD2.55bn (US$1.59bn)
- Volumes in 2024 rise 7% to 649m litres
- Shipments to China soar from AUD9m in 2023 to AUD907m
China reclaimed the throne as the biggest export market for Australia’s wine producers last year, according to figures released this week.
In its latest ‘Australian Wine Export Report’, which is published quarterly, trade association Wine Australia said that shipments of wine from the country were up by just over a third in the 12 months of 2024. The annual performance was skewed somewhat by the removal of the 220% tariff on its exports to China in March – Shipments to the country in value terms rose by a staggering 9,978%.
Australia is not immune from the plethora of headwinds affecting the wine industry as a whole, however, with exports to both the UK (-2.5%) and US (-10.5%) falling back last year. A marked slide in shipments by value to Hong Kong was explained by the situation in neighbouring China, although fifth-largest market Canada was up 9% in value terms.
Alongside the challenging environment for wine on the consumer side, which includes “health and wellness concerns and the rising cost of living”, Wine Australia also warned of a “global oversupply of wine and increased competition in already strained supply chains”.
“While there has been month-to-month volatility in the value of shipments to mainland China in the period since tariffs were removed, the performance is nonetheless very positive,” said Wine Australia’s market insights manager, Peter Bailey. “However, Chinese wine consumption is much lower than it was before the import tariffs were imposed, so it will take more time before it becomes clear what the ‘new normal’ level of exports to mainland China will be, after this initial re-stocking period.
“Continued growth is not assured, and it is still important to focus on market diversification in a challenging global business environment.”
Wine Australia’s ‘Australian Wine Export Report’ for the 12 months to the end of December can be accessed here.
Earlier this month, Wines of South Africa reported a single-digit lift in export sales from the country’s wine producers last year on a flat volumes performance.
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