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The decision scraps duties as high as 218% on Australian wine exports to China, its largest overseas market once worth more than 1 billion Australian dollars ($653 million). The Australian government said it welcomed Beijing’s decision “which comes at a critical time for the Australian wine industry.”“Since 2020, China’s duties on Australian wine effectively made it unviable for Australian producers to export bottled wine to that market,” the statement read. “There are a lot of people in the Australian wine industry who will be reaching out for a good glass of wine tonight and feeling a whole lot happier about their future,” Bruce Tyrrell, managing director of Tyrrell’s Wines in New South Wales, told CNN. Annual wine production hit its lowest point in more than 15 years during 2022-2023, Wine Australia said. Lee McLean, head of national association of grape and wine producers Australian Grape & Wine, said industry groups were working with the Australian government to “ensure a coordinated re-entry” into the market.

Persons: ”, “, that’s, ” Bruce Tyrrell, Lee McLean, ” McLean, Anthony Albanese’s, Albanese, Wang Yi, Penny Wong, Yang Hengjun, Wong Organizations: Sydney CNN, China’s Ministry of Commerce, Canberra, World Trade Organization, Tyrrell’s, CNN, Wine Australia, Global, Wine, China’s Foreign, Anthony Albanese’s Labor, China’s, Ministry, Australian Locations: Hong Kong, Sydney, China, Australia, Beijing, New South Wales, Wine Australia, United Kingdom, Europe, China’s

☆ Australian farmers rip out millions of vines amid wine glut
▼ + stars: | 2024-03-09 | by ( ) edition.cnn.com time to read: +5 min

About two-thirds of Australia’s wine grapes are grown in irrigated inland areas such as Griffith, its landscape shaped by vine-growing techniques brought by Italian migrants arriving around the 1950s. That would destroy more than 20 million vines across 12,000 hectares (30,000 acres), Reuters calculations based on Wine Australia data show, or about 8% of Australia’s total area under vine. “If half the vines in Australia were ripped out, it still might not solve the oversupply,” said a wine maker in Western Australia. When China blocked imports during a political dispute in 2020, Australia lost its biggest wine export market by value. And unlike Europe, it offers farmers no financial aid to help them destroy vines and excess wine.

Persons: “, ”, James Cremasco, Griffith, TWE.AX, Carlyle Group’s, Andrew Calabria, Cremasco, Jeremy Cass, Tim Mableson, Bill Calabria, Andrew’s, There’ll Organizations: CNN, Accolade, Wine, Riverina Winegrape Growers, Growers, KPMG Locations: Australia, China, Griffith, Calabria, Riverina, Wine Australia, Western Australia, Chile, France, United States, Bordeaux, Europe, Tasmania, Yarra, Victoria

Bottles of Australian wine are seen at a store selling imported wine in Beijing, China November 27, 2020. REUTERS/Florence Lo/File Photo Acquire Licensing RightsSYDNEY, Aug 18 (Reuters) - Australia's wine industry faces severe oversupply problems that will need years to resolve, experts say, pointing to Chinese tariffs, high production and export bottlenecks during the COVID-19 pandemic. The recent removal of tariffs on Australian barley has fed hopes for an early easing of the five-year tariffs China imposed on Australian wine in 2021. Australian wine exports declined a tenth in value to A$1.87 billion and 1% in volume to 621 million litres in the year ended June, Wine Australia’s Export Report said in July. "All we can say is next time you go to buy a bottle of wine, make sure it's Australian," McLean said.

Persons: Florence, Pia Piggott, Lee McLean, McLean, Piggott, Praveen Menon, Clarence Fernandez Organizations: REUTERS, Rights, Rabobank, China, Labor, Wine Estates, Thomson Locations: Beijing, China, Australia, Britain, Europe, United States, Asia

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