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Value of China’s wine imports continue to decline
The value of wine imported into China dropped again this month, continuing its downward trend into the fifth month of the year, albeit it at a slower pace than in previous months.
The continuous drop signals possible overstock in the market that has yet to catch up with market consumption, as previously reported by dbHK.
The country’s bottled wine imports, which took up 91.8% of the country’s total import value, dropped by 3.47% from January to May to US$912.5 million, according to figures released by China Association for Imports and Exports of Wine & Spirits. Its import volume, however, was up by 8.13% over the same period last year to 196.4 million litres.
Both sparkling wine and bulk wine categories have shown strong growth in the first five months of the year. The import volume of sparkling wines grew by 11.26% in volume and 26.63% in value to 5.3 million litres and US$26.3 million respectively over the same period last year.
The country’s bulk wine import grew an impressive 29.99% in value year-on-year to US$53.3 million, while its volume climbed 7.5% to 60.4 million litres.
The country’s total wine imports during the period reached more than 263.4 million litres, worth about US$994 million, representing a year-on-year increase of 8.53% in volume but a 1.23% drop in value.
In terms of country of origin for imported bottle wine, France took up 42.6% of the market share with US$388.4 million worth of wines, which is a 10.13% drop in value year-on-year, followed by 25.1% market share for Australia.
Imports of bottled Chilean wines grew in both volume and value, taking up 10.5% of market share. Georgia, which has just signed a Free Trade Agreement with China, has seen the sharpest increase in volume during the period with 112.52% jump to 1.76 million litres.
In terms of imported beer, China imported 247.1 million litres worth about US$252.5 million, representing a 8.62% increase in volume and 5.87% increase in value compared with the same period last year.
In the spirits category, the country’s total import value reached US$334.6 million with the majority being Brandy imports whose value reached US$240 million.