Australian wine exports slumped as an effective blockade by China overwhelmed efforts by producers to find buyers in other markets.
The value of overseas sales around the world tumbled 26% to A$2.05 billion ($1.5 billion) in the 12 months to March 31, Wine Australia said Wednesday. Sales fell in every price bracket, from A$10 a liter to more than A$200 a liter.
Beijing in 2020 slapped tariffs of as much as 200%—or more in some cases—on Australian wine as trade and diplomatic relations soured.
An A$844 million decline in exports to mainland China in the latest reporting period more than wiped out gains in smaller markets including Singapore and South Korea. Sales to the two largest consumers of Australian wine, the U.K. and the U.S., also fell as pandemic stockpiling eased.
