Rebuilding Chinese Wine Market May Take a Decade

Australian wine producers expect it will take years before they recover the approximately $1.2 billion (US$0.8 billion) in sales to China, following Beijing’s removal of punishing tariffs on imports. The Chinese Ministry of Commerce announced late on March 28 it was “no longer necessary” to impose sanctions on Australian wine imports. They were slapped on by Beijing at the height of diplomatic tensions in 2020. The decision removes one of the last major sanctions on $20 billion (US$13 billion) worth of Australian exports, although restrictions remain on lobster and beef. Australian Grape & Wine chief executive Lee McLean said it could potentially take a decade for the market to recover to its pre-sanction levels, with less than $10 million (US$6.5 million) worth of wine being exported annually to China....