Rabobank’s 2023 Wine Quarterly reports shows that wine in storage in Australia has hit some 2 billion litres, the equivalent of 859 Olympic swimming pools or 2.8 million bottles, in part the result of Chinese tariffs on Australian wine that caused exports to the Asian giant fall by a third in the past two years.
“Wine production for the ’21 vintage increased 36 per cent year on year, which would have in any case caused an oversupply. “Thus, two plus years into the tariff, prices of Australian commercial red grapes have significantly declined and oversupply issues remain.” “Chinese consumers began transitioning away from wine as part of a broader decline in alcohol consumption on a per capita basis; however, declines were greater for wine than beer and spirits,” she said.“Covid lockdowns and the economic slowdown curbing discretionary spending have also played a role in declining consumption to levels not seen since the 1990s.”
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