We had already anticipated on October 23 in our blog, the changing situation in relations between China and Australia with the elimination of duties, envisaging the significant impact on the world wine markets and on producers of countries that, traditionally, export large quantities of wine in China, they could have experienced greater and more structured competition.
The first figures for 2024 are in and export of Australian wine to China, although not in the top ten by overall volume, showed impressive growth rates in the first quarter of 2024, with an increase of 633.76% in volume and an extraordinary 1730.15% in value.
The increase was presumably possible thanks to the elimination of customs duties between Australia and China on March 24, an event which allowed the massive customs clearance of Australian wines remaining in customs warehouses in Hong Kong, Macau and mainland China, and the therefore, the release of large quantities of wine, which quickly reached the Chinese market, marking a significant recovery in the export of Australian wines to one of the most important Asian markets.