Wine exporters from most countries experience a surge in demand for wine from China following the opening of its market in May.
One of the exporting country is Chile which saw its wine exports to China jumped by 4.1% in value to reach US$27.2 million in May compared to a year earlier. China is the main market for Chilean wine and it seems to have a craving for more expensive wines costing more than US$40 per case, which reported 28% growth in volume and 31% in value.
In contrast, Australian government-linked industry body, Wine Australia is shutting its office in Shanghai, as Australian wine imports into China continue to slump after China imposed high tariffs on Aussie wine in end-2020. A Wine Australia spokesperson said, “This decision follows after extensive consultation with the Australian grape and wine sector and is based on the current environment and market opportunity.” China was Australia’s largest market for wine exports until end-2020.
According to latest Euromonitor report, the retail sales value of wine and champagne is expected to grow by 10% in China to reach Rmb 763 billion (US$113 billion) in 2022. Leading player is Kweichow Moutai with 14% share.
