Australian wine exports were down by volume and value over the last financial year, according to Wine Australia’s Australian Wine Export Report, released on Thursday.
Exports declined 10 per cent by value to $1.87 billion and 1 per cent by volume to 621 million litres, according to the figures. The US market “is experiencing structural decline in lower price segments, which is where Australian wine is predominantly sold” explained Wine Australia.
Exports to Europe declined by 15 per cent to $556 million, driven mostly by the UK, North American exports were down 14 per cent to $525 million, and exports to Asia declined by 4 per cent to $637 million.
The top five markets by value were the UK, the US, Hong Kong, Canada and Singapore.
Over half of the decline in Australia’s export value was in shipments with an average value between $2.50 to $4.99 per litre free on board (FOB), said Wine Australia Manager, Market Insights, Peter Bailey.
“Wine consumption in mature markets is in decline, driven by decreases in the commercial price segments. This is impacting Australia’s export performance, especially in the US, as Australia is very exposed to the price segments in decline,” Bailey said.
Australian wine was exported to 117 global destinations during the year, five more than in 2022. Growth in the value of exports was seen in 66 of these during the year, while 51 declined.
The full report can be read here.
Picture: credit Wine Australia