Winemakers are racing to reconnect with Chinese buyers as a review into wine tariffs that punished Australian winemakers is announced.
Aussie producers are “delighted” as the industry has suffered several hardships.Sales teams at Taylor’s Wines, which grows and makes wine in South Australia’s Clare Valley, are racing to re-establish connections with their Chinese buyers, following a decision to review China’s wine tariffs on Australian producers.Taylors Wines CEO Mitchell Taylor welcomes the deal between Australia and China to review tariffs.
The 218 per cent tax imposed on most Australian wine was part of a suite of restrictions that China introduced after Australia called for an inquiry into the origins of COVID-19 in 2020.The decision prompted wine trade to collapse, and marked the start of a tough few years for Australia’s winemakers. Three years without its largest import partner was exacerbated by floods across major wine growing regions in New South Wales and Victoria.
Australian Vintage, the company behind the Tempus Two, McGuigan and Nepenthe wine brands, undertook a strategic review of its business. Treasury Wine has been putting off allocating its reserves of Penfolds, anticipating a possible diplomatic breakthrough. Singapore, Malaysia and Thailand distribution of Penfolds was aggressively stepped up once the China market became unviable. UBS once estimated that 600,000 cases of luxury Penfolds wine had to find a new home quickly.
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