According to Wine Australia’s Export Report, the country’s wine exports increased by 34% in value in 2024.
The report also reveals that the UK market, although down in value, has superseded the USA in terms of both export value and volume. As one of Australia’s top five markets, last year the UK was worth $352m (down $9m) compared to the USA’s $325m (down $38m).
Volumes to the UK were down 8m litres to 212m litres.
High levels of shipments to mainland China following the removal of trading tariffs last March were the main driver of export growth. Although this significant boost of trade was welcome, it has been noted that the Chinese market remains volatile.
Peter Bailey of Wine Australia said: “Chinese wine consumption is much lower than it was before the import tariffs were imposed, so it will take more time before it becomes clear what the ‘new normal’ level of exports to mainland China will be, after this initial re-stocking period.
“Continued growth is not assured and it is still important to focus on market diversification in a challenging global business environment.”