How changing tastes in China are hitting Australia’s wine exports

AI Summary
Australian wine exports declined in 2023, primarily due to decreased demand from China. Wine Australia reported an 8% drop in total exports, with shipments to mainland China falling by 17% to A$755 million. This decline occurred despite the removal of tariffs in March 2024, which had previously crippled Australian wine imports. The reduced demand reflects a broader trend of declining wine consumption in China, with the market now one-third of its size from five years ago. Weak consumer confidence and evolving tastes in China are contributing factors, impacting both domestic and imported wines. Overall, Australian wine exports decreased to A$2.34 billion in value and 613 million litres in volume last year.
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