ASIA had a thirst for Australian wine in 2008, with an industry report naming China, Hong Kong and Japan among its top-five growth markets in an otherwise dismal year.
Low-yield harvests and a strong Australian dollar placed enormous pressure on the country's winegrowers last year, driving down the value of exports for the first time in 15 years, said the government's Wine and Brandy Corporation.
"Despite the challenges there were some highlights during the past 12 months, particularly in Asian markets," the corporation said in its annual report, released today.
While the value of exports to Europe and North America declined - sinking 17 per cent and 25 per cent respectively - Asian exports grew 8 per cent, with the value of shipments almost double that of Europe.
China led the charge, with a 32 per cent increase in value of imports to $74 million (US$52.5 million), making it Australia's number one growth market and the fifth largest market by value overall.
Hong Kong ranked third among the top five growth markets for an Australian drop, following the removal of excise tax on wine, with exports up 17 per cent and valued at US$36 million.
Japan came in fifth for value growth, with a 4% increase to $50 million.
Australia's wine exports were worth a total $2.5 billion in 2008, a slump of 17.9 per cent. The U.K. was the largest market by both volume and value, taking 261 million liters worth $805.6 million.
- Dow Jones Newswires