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Breaking News: China to Lift Australian Wine Tariffs

Breaking News: China to Lift Australian Wine Tariffs

Korea's biggest wine importers suffer sharp profit loss/ Hong Kong Wine Market in Numbers

Natalie Wang
March 13, 2024

What a difference a day makes! As I am waiting at the airport for my flight back to Hong Kong after four days at Prowein Dusselfdorf, news has broken that China is recommending lifting Australian wine tariffs!

Although the ministry has yet to publicly announce the recommendation or specify an effective date, the recommendaiton from the ministry will surely lift Australian wine industry, which has been severly battered by oversupply and declining global sales over the last three years.

In addition to the breaking news, there are also stories on Korean wine market, the rise of China’s O2O liquor delivery market, a review of Hong Kong wine market in 2023.

Here are the must-read stories.

Breaking: China to lift Australian wine tariffs

China’s Ministry of Commerce has proposed lifting punitive tariffs imposed on the Australian wine, signalling an end of a three-year trade freeze that has upended Australia AU$1.2 billion annaul wine exports.

Speaking to Vino Joy News just ahead of the news announcement, the optimsim for the positive decision was palpalble with William Dong, CEO of DMG Fine Wines, which owns Handpicked Wines and House of Arras.

Wakefield Wines owned by Australian wine group Taylors Family Wines, is also amping for a return to China. The winery has already hired staff in Guangzhou of South China in preparation for the re-opening. Our full report here with comments from wineries on the Prowein fair ground.

Instant gratification: the rise of China’s O2O liquor delivery market

Over the past two years, China has witnessed the birth of a novel retail paradigm in the liquor sector, characterized by the integration of online ordering and rapid offline deliveries within 20 minutes. This model, known as instant O2O (online-to-offline) liquor retail, marks a significant shift towards convenience and speed, and has become a new focus for growth even in challenging times.

Korea’s biggest wine importers suffer sharp profit loss amid wine’s ailing sales

Leading wine merchants in South Korea are facing significant financial strain as the nation’s wine market cools, with major importers reporting a sharp decline in sales that has cut their market value and profits by more than half.

Hong Kong wine market sputters in 2023

Hong Kong’s wine market has yet to rebound to pre-pandemic levels. Last year, the city’s wine imports fell by approximately 5% to HKD 7.587 billion, aligning closely with the value seen in 2020.

The drop came at a time when the city’s once-bustling wine scene faces unprecedented new challenges amid the city’s economic downturn, shifting demographics following expat exodus, and an increasing number of penny-wise locals who prefer to wine and dine across the border.

ASC Fine Wines Celebrates Suntory Group’s 125th Anniversary with ‘Suntory Philosophy Month’

ASC Fine Wines, the leading wine importer and distributor in China and a member of the Suntory Group, joined the global celebration of Suntory’s 125th anniversary by participating to the group’s newly designated “Suntory Philosophy Month.”