The slump in exports to China, formerly Australia's top overseas wine market, has been felt across the entire industry since 2020. 9News
have collapsed to only $12.4 million per year compared with $1.3 billion before Beijing hit them with harsh tariffs three years ago.
The slump in exports to China, formerly Australia's top overseas wine market, has been felt across the entire industry since 2020 when the communist government placed tariffs of 116 to 218 per cent on bottled Australian imports.While there were 2366 wine producers exporting to China in 2019, the figure has been slashed to 114 today, Wine Australia said.But exports last year to the UK, the second-largest market, crashed by 18 per cent to $373 million.
Wine Australia said rising inflation, business costs and interest rates impacted the profit margins of producers through last year, and it expects this will continue in 2023.Australian exports worth more than $20 billion were hit by Chinese unofficial bans and tariffs in 2020. But after Prime Minister Anthony Albanese met China President Xi Jinping at the G20 summit in Bali, Indonesia, last month, relations appear to be warming.
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