Australian News / 16 August 2023
Time to glug glug…
But in a responsible way, of course… That’s because it’s tough times for Aussie winegrowers with regional lender Rabobank reporting that the industry is facing a glut of about 2.8 billion bottles thanks to China’s trade ban. That’s a lot of vino… China was a massive market for Aussie wine, but revenge tariffs implemented by China in 2020 saw the value of Aussie wine exports drop by 33%. Add in falling demand from other key markets and an excellent growing season, and warehouses are storing the equivalent of 860 Olympic swimming pools of wine… Winemakers are hopeful the tariff will be lifted after China scrapped its Aussie barley ban earlier this month, but the report says it could take years for the industry to recover.
Know someone who'd be interested in this story? Click to share...
The Squiz Today
Your shortcut to being informed, we've got your news needs covered.
Also Making News
Get the Squiz Today newsletter
Quick, agenda-free news that doesn't take itself too seriously. Get on it.