NEWS
HONG KONG DEFIES GRAVITY IMPORTED 74% MORE AUSSIE WINES IN 2023
By Susan Lewis
5-2-2024
Source: Wine Australia
Hong Kong and Singapore emerged to be the only major export markets of Australian wines to have seen growth in 2023, export values grew 74 percent and 1 percent respectively, amid an overall decline of 2 percent in total export value.
Wine Australia said in its latest report that the decline is due to a combination of global economic tightening and consumers being more conscious of their health.
Australia’s wine exports fell both in volume and value in the first three quarters of 2023. But in the fourth quarter, exports grew substantially driven by Hong Kong, which saw a surge in both the number of importers and order value.
It comes as hopes for renewed trade with China have been raised following a review of devastating tariffs imposed on Australia wines since 2020.
“Hong Kong and Singapore were stand-out destinations for Australian wine in Asia, driving the growth of value to the region,” said Wine Australia market insights manager Peter Bailey.
“Further, the number of exporters to Hong Kong also grew – up 138 export businesses to a total of 531 in 2023.”
“Hong Kong and Singapore are key trading hubs in the Asian region and, as such, some of the wine is on-shipped to other markets.”
Wine exports to Hong Kong were skewed towards higher-priced reds, bolstering overall figures. Hong Kong saw a 13 percent increase in value terms of red wines priced AUD10 per litre and above.
Full-year Australian wine exports declined 2 percent in value to AUD1.90 billion (USD1.25bn) and 3 percent in volume to 607m litres.
The US remained Australia’s largest export market by value in 2023 despite a 7 percent fall to AUD364m.
The UK is Australian wines' second biggest export market, declining 3 percent to AUD361m.
Hong Kong became Australian wines’ third most valuable market, ahead of Canada in fourth which has seen export value down 24 percent to AUD143m.
Singapore comes in fifth, export value up 1 percent to AUD133m in 2023.
Exports to China continues to fall last year, down 17 percent in value and 52 percent in volume.
(the writer can be contacted at: info@thewinechronicle.com)
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