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China’s punitive tariffs of up to 218% on Australian wines are not only corking Australian wine exports, but also having a “detrimental impact” on Australia’s performance in the secondary market, according to Liv-ex.
More than 11 tons of Australian wines were blocked from entry in China due to what customs authorities cited as using excessive food additives and labeling issues.
China has announced its decision to impose up to 218.4% tariffs on Australian wines for a period of five years.
Australian wine exports slowed in the 12 months to December 2020, significantly clipped by China’s punitive tariffs in the last two months of the year that nearly flatlined December exports, according to Wine Australia’s latest Export Report released today.
Chinese customs has blocked the entry of four tons of Australian wines citing contaminated cork as the main cause for its decision, as relations between the two trading partners sinks to all time low.
With crushing tariffs on Australian wines and international travel restrictions due to the coronavirus pandemic, Australia is sobering up to a costly China fallout.
China’s wine market has yet to get its mojo back and consumer sentiment for wine is still cautious, as the latest data showed.
A few Chinese-owned Australian wineries are reporting unfair treatment and abuse after a social media campaign emerged in Australia calling for consumers to boycott 41 Chinese-owned wineries in the latest wine-related trade spat.
Australia’s second biggest wine group, Accolade Wines, is putting two of its wineries up for sale as part of the group’s decision to restructure its south Australian operations.
A collection of Penfolds Grange spanning from its inaugural 1951 vintage to 2015 vintage was sold for a record price of AU$431,000 to an anonymous buyer in Sydney, smashing its previous record from last year.