China Finds Solace in Wine From Australia as Economic Slowdown Hits
Battling a trade war, an economic slowdown and months of protests in Hong Kong, China is turning to fine Australian wine.
(Bloomberg) -- Battling a trade war, an economic slowdown and months of protests in Hong Kong, China is turning to fine Australian wine.
The value of wine exports to China jumped 18% to a record A$1.25 billion ($858 million) for the year ended in September, Wine Australia said Wednesday.
That’s the steepest increase among Australia’s top 10 wine markets and dwarfs the 3% gain in shipments to the U.S. Chinese drinkers also opted for more expensive tipples. The average value of each liter of Australian wine sent to China surged 40% to A$8.42, Wine Australia said.
To contact the reporter on this story: Angus Whitley in Sydney at awhitley1@bloomberg.net
To contact the editors responsible for this story: Edward Johnson at ejohnson28@bloomberg.net, Jeff Sutherland
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