Wine Australia identifies key markets offering best export opportunities
Wine Australia has identified several key export markets which offer the greatest opportunities for its wines, with the US, the UK, Canada, the Nordic countries, Germany and the Netherlands as top destinations.
Within Asia, Wine Australia said it would be working closely with Austrade to boost opportunities in emerging markets there, primarily South Korea, Taiwan, Thailand, Vietnmen, Indonesia and Japan.
Under the Agribusiness Expansion Initiative, Australia will also be scoping out opportunities in Singapore and Malaysia, though they are not priortiy markets.
In the year to the end of March 2021 the combined value of Australian wine exports to its priority markets increased by 11% to $1.5bn, and excluding mainland China, exports to the rest of the world increased by 8% to reach $370m.
Amongst its key markets, exports to South Korea increased at the fastest rate, up by nearly three quarters (71%) to $35m, the UK, up by 33% to $431m and in Germany, up 19% to $56m. The US remains the biggest market by value where exports increased by 4% to $461m.