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The World Trade Organization (WTO) has formally agreed to set up an investigative panel to examine China’s anti-dumping tariffs on Australian wines, a move that will likely anger China after it first blocked Australia’s request in September.
France has overtaken Australia to become China’s No.1 wine supplier, based on the latest Customs data, a result of the crippling tariffs slapped on Australian wines.
Australian wine exports to China were shaved off by over 95% since the punitive tariffs came into effect last November, painting a grim roadmap that leaves little breathing room for Australian wineries in the Chinese wine market for the next five years.
Global pandemic coupled with China’s crushing anti-dumping tariffs on Australian wines have shaved off 24% of profits for Australian wine giant, Treasury Wine Estates, parent company of Penfolds.
With crushing tariffs on Australian wines and international travel restrictions due to the coronavirus pandemic, Australia is sobering up to a costly China fallout.
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.
China’s October wine imports surged for the first time this year as merchants rush to stockpile Australian wines before any hefty punitive tariffs that have now come into effect this month.
Treasury Wine Estates has announced today that it will pivot towards other luxury markets to offset its loss in China and hints at opening a new production base in the country.
Australian wine giant Treasury Wine Estates has officially halted its plan to demerge its most popular wine brand, Penfolds, as its biggest export market China mounts tariff threats and wine ban.
China’s wine imports in the first nine months of the year continued a worrying double-digit slide, but rush for importers to stockpile Australian wine before punitive tariffs hit resuscitated imports in September.