The equivalent of 859 Olympic-sized swimming pools of wine sloshing around Australia is testimony to a brutal period for the country’s wine growers.
Two billion litres of Shiraz, Cabernet Sauvignon and other varieties have accumulated since China, the world’s biggest buyer of Australian wines, imposed punitive import tariffs in 2020 as relations soured during the Covid-19 pandemic, according to one investment bank report.
Now, with a different government in Canberra, relations with Beijing are on the mend and a string of sanctions on other key Australian exports — including coal and barley — have been lifted by China.
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