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New World wine gains recognition in China
A new wine consumption trend is taking place in China with New World countries becoming increasing popular in the country.
A spokesperson for the De Xuan Liquor Company said: “With the rising cost of French wine and the tax concessions of Chilean wine, we will import more wine from new world country like Chile.”
“Imported wine with the price under 100 yuan is more popular among Chinese consumers,” he added.
According to Caijing.com, China’s tariffs on Chilean products have reduced year by year. The tariff has been reduced to 2.8% this year and is expected to be reduced to zero on wines.
Agricultural Research Policy Office of Chile’s Ministry of Agriculture (ODEPA) has estimated that the country’s wine production will reach a record high of 1.28 billion litres in 2014. It is further estimated that the total exports will reach 900 million litres, an increase of 19.5%.
In addition, many traders in the exhibition believes that Chinese government’s anti-dumping probe into wine imported from the European Union will finally be dropped.
“We have enough stock of Spanish wine”, said an official from Hung Chun Trade Company who believed that there’s no need to worry about changes of wine duty of EU imports.
He also mentioned that domestic wines lack the advantage compared with imported wine with the same price. “Imported wines gained more recognition among Chinese consumers”, he said.