One of Australia’s leading wine companies has promised to increase its focus on cracking the Chinese market. Michael Clarke, Chief Executive Officer of Treasury Wines, told the company’s Annual General Meeting (AGM) on Wednesday night that the company would seek to widen the gap between Treasury and its competitors in China…Full Article: Xinhua Oct 2017
- In October 2017, Treasury Wine Estates (ASX:TWE) will begin operating a new inventory warehouse in Shanghai.
- In January 2018, Chinese import tariffs for Australian wine will decrease to 2.8% before dropping to zero in 2019.
- In September 2017, the Australian Business Chamber and the Hangzhou Wine Association signed a trade cooperation agreement.
- In June 2017, Treasury Wine Estates (ASX:TWE) launched a new brand of French wine, Maison de Grand Esprit. The company hopes to begin selling the wine in China in November 2017 and complement its current portfolio of (Australian label) Penfolds, Rawson’s Retreat, and (Californian label) Beaulieu Vineyard.
- In January 2017, Chinese import tariffs for Australian wine dropped to 5.6%. Prior to ChAFTA, Australian wine exports had a 14% import tariff rate.
- In October 2016, Wine Australia stated that China surpassed the USA and UK as Australia’s top wine export market. According to Wine Australia, over one-third of Australia’s wine exports to China were priced at least AUD 7.50 per liter (~USD 5.70).
- In September 2016, Alibaba Group’s Tmall launched an online store to promote Australian wine. The new wine online store on Tmall.com will be managed by China’s Vinehoo.com.
- In April 2016, Alibaba’s Jack Ma announced the launch Tmall’s September 9 Wine Festival. The date was chosen because, in Chinese, the number nine sounds like “jiu,” which (depending on the tonal pronunciation) also means wine or alcohol.
- From January to March 2016, China imported USD 160 million worth of Australian bottled wine, a 60% increase vis-à-vis 2015. Imports benefited from a cut in Chinese import tariffs (14% to 8.4%).
- In December 2015, China-Australia Free Trade Agreement (ChAFTA) came into force.
- In June 2015, China and Australia signed a free trade agreement.
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