WANING AUSTRALIAN EXPORTS LEAD TO MARGINAL LOSSES

Australia’s export growth has slowed considerably over the past year despite the country’s strong international presence. According to the Wine and Brandy Corporation, volumes in the year leading up to March 2006 grew 10% to a record high of 716 million liters, falling from the previous year’s 17% increase. Furthermore, with a 7% fall in average price to A$3.92 per bottle, the value of wine exports grew only 2% to $2.8 billion. Britain continues to stand as the largest export market for Australian wine growing 4% in volume to 268 million liters with only marginal value growth to $963 million. Australian exports to the United States, their second largest market, went up 9% but value fell 1% to $904 million.