Efic’s Senior Economist Cassandra Winzenried provided a high-level overview of the global economy and the outlook for Australia’s wine industry, at the Wine Australia end of year lunch.
Key points included:
- The global economic and trade outlook is undeniably weak. And Australia’s largest export markets are not exempt. Nor are the Asian markets where export growth is concentrated.
- Australian wine exports are booming. Largely due to three macro tailwinds. First, continued strong Chinese consumer demand. Second, the more competitive AUD. Third, increased market access.
- These drivers are expected to endure. And therefore, Australia’s export rebalancing will continue, including towards wine.
Download the full presentation here.