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Australia highlights market prospects in Singapore & Malaysia
Prospects for Australian wines in Singapore and Malaysia are believed to be bright in the coming years, thanks to the success of Australia’s high-end fine wines, Wine Australia wrote in a recent report.
Source: Wine Australia
In 2016, Australian wine exports to Singapore grew by 16% in value to a record AU$69 million (US$ 53 million), which is heavily weighted to growth in higher-end wines. The sector was up by 32% to AU$54 million (US$ 41.3 million). The average value of exports to Singapore is AU$12.66 (US$9.7) per litre free on board (FOB).
Malaysia on the other hand, is described as “an important and must-watch market” for the country by the trade organisation.
Despite a slight decline of 1% in export value to AU$54 million (US$41.3 million), Australia is still Malaysia’s top-ranked imported wine category with a 41% market share of wine imports, ahead of France at 12%. Its average value of exports to Malaysia is also high at AU$11.82 (US$9.06) per litre FOB.
The success of Australian high-end wines in the two markets is attributed to leading wine brands’ strong commercial efforts and growing interest from key wine influencers in “new” Australia wines, according to the report.
The two markets’ buzzing fine-dining scenes also attributed to Australian wine’s growth.
The challenge, according to the trade organisation, is that wine has not yet become an integral part of people’s lives in southeast Asia compared with more advanced wine markets in northeast Asia.