The Wine Report from the WA Department of Agriculture and Food suggests the onus should be on developing a premium wine offering into Asia, particularly into Singapore, Hong Kong and China with attention paid to highlighting the product’s provenance and story, and in turn building interest in agritourism.
Margaret River premium wine producer Wills Domain has a renewed focus on wine exports into Asia, relying heavily on provenance to tell a compelling story and using Australia’s clean green image to its advantage
The company estimates this has added between 15 per cent to20 per cent of value to its product and believes it’s also benefited strongly by WA’s alignment with Asian time zones.
The run of reports has coincided with the with the Federal government’s new $A50 million Export and Regional Wine Support Package. The aim of this package is to increase wine exports by up to $A565 million, whilst also lifting international tourism into Australia worth nearly $A170 million over three years.
The announcement noted the China-Australia FTA has seen wine exports increase from $A364 million in 2015 to $A516 million in 2016 and is expected to see further growth in exports to China of up to 17 per cent as result of this package.
This all points to renewed interest and an acknowledgement of the critical role regional Australia and agriculture play in not only supporting an economy but also in growing it.
Over the course of the coming years as the budget and economy look to shake off the rust and regain momentum, the opportunities our geographically close trading partners present should not be understated.
The opportunities though are only half the story - our businesses and industries must be ready and willing to look, learn and take the plunge.
Kathleen Jahour is Head of Regional Business Banking WA at ANZ