China’s wine imports soared in both volume and value in the first quarter of the year, with Australia closing in on France as the China-Australia Free Trade Agreement took even greater effect following another tariff cut at the beginning of this year.
Poor weather conditions in the EU have led to a sudden decrease in production.
Global wine output has dropped to its lowest level since 1957, according to latest figures released by the International Organisation of Vine and Wine (OIV).
Splash, an American direct-to-consumer online wine retailer, is hoping to make waves in the UK via London-based crowdfunding platform Crowdcube.
As reported by ProactiveInvestors.co.uk, the family-run company, which has over 60,000 customers in the US, is seeking to raise £1.5 million in equity through Crowdcube to fund its expansion into the UK.
The Chinese government has announced that it will lower the country’s VAT tax from the current 17% to 16% for imported goods, which is expected to boost China’s wine imports, especially for countries such as Australia and Chile that have signed Free Trade Agreements with China.