China’s wine imports slide in first two months

Initial figures released by a Chinese research firm showed that China’s wine imports suffered further drops in both volume and value in the first two months of 2019, signalling a challenging year ahead.

The data released by ASKCI, a Shenzhen-based Chinese research firm, showed that the country’s wine imports suffered a year-on-year decline of 13% in volume to 118 million litres in January and February, two months that is normally believed to be a brisk spending season for Chinese New Year.

Import value during the period dropped by 10% to US$6.04 million compared with the same period last year.

Reeling from a lacklustre 2018, which saw China’s overall import volumes drop by 8.95% and value levelling with a 1.1% increase, China’s wine market in 2019 is unlikely to see significant growth, a shared feeling among wine importers.

Slowing economy and ongoing trade war are expected to continue to affect market sentiment and consumer spending in the coming year.

ASC Fine Wines, the leading wine importer in Greater China, has set a “conservative” target for the year.

 

 

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