Australian wine exports to mainland China plunged by 92 per cent to A$21 million (US$13 million) in the year ended September 30, while shipments to Hong Kong dropped by 21 per cent, new data shows.
Canberra and Beijing have been at odds for two years, but a leadership change in Australia presents an opportunity for at least a ‘thawing’ of trade ties and diplomatic exchanges with China.
SYDNEY, Feb 16 ― Australia's leading wine producer says sales to China have evaporated since Beijing imposed strict tariffs on Australian wine imports but buoyant demand elsewhere helped avert disaster. Treasury Wine Estates, the makers of Penfolds, yesterday posted a 7.5 per cent year-on-year.
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