Soaring Dollar Hits Aussie Wine Exports
By Ian Neubauer
The soaring Australian dollar is chief among factors responsible for the first decline in wine exports since the government began keeping records in 1994.
The volume of Australian wine exports declined 12 per cent to 702 million litres in the 2007-08 fiscal year, while value fell 11 per cent to $2.66 billion, the Australian Wine and Brandy Corporation (AWBC) reported. The report showed a significant reduction in bulk shipments and a smaller decline in bottled shipments.
The report also showed a 1 per cent price increased in the average price of exported Australian wine, and strong value growth in shipments to China ($11.5 million), Hong Kong ($7 million) and Denmark ($13 million).