Bordeaux wine exports slide in face of China issues
Bordeaux exports suffered in the face of China's anti-extravagance measures
Bordeaux wine exports fell 17% by value last year due primarily to falling demand in China, according to latest figures.
Volumes in the full-year also slipped, down by 9%, the Conseil Interprofessionnel du Vin de Bordeaux (CIVB) reported. Shipments to mainland China, Bordeaux's leading export market since 2011, saw volume and value of sales down 19% and 21% respectively on 2013 levels.
The CIVB's president, Bernard Farges, said the Chinese market had turned in some impressive annual growth rates since 2005 and that a decrease had been expected. China's anti-extravagance measures have taken a heavy toll on high-value wines, the CIVB said.
The dip in Chinese exports could also be attributed to the investigation into the price dumping of European wines and also competition from New World wines, notably from Chile and Australia, which benefited from the lowering of customs duties written into bilateral agreements, Farges added.
However, according to Farges, the biggest factor in the downturn was perhaps the lack of maturity in the Chinese market which had seen some local importers building up stocks of Bordeaux wines before buyers had been found.
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