China’s Thirst for Australian Wine Is in Overdrive
(Bloomberg) -- Australian wine exports to China may be surging, but the U.S. is losing its taste.
Among Australia’s five biggest wine-export markets by value, only the U.S. shrank in the past 12 months, falling 8 percent, Wine Australia said Tuesday. Americans are upgrading to premium labels, away from Australia’s traditional U.S. base of lower-end wines, the group said.
The total value of Australian overseas wine sales jumped 20 percent to A$2.76 billion ($2 billion), the steepest climb in 15 years, led by a 55 percent jump in exports to China. Wine costing between A$50 and A$100 a liter delivered the fastest growth.
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