Sales of Australian wine to Hong Kong continue to pop, up 60 per cent in the year March 30 to make the island business hub our third biggest market.
Hong Kong's thirst for mainly red Australian wine was worth $290 million, with total volumes increasing 28pc to almost 10m litres - much of which was then re-shipped to other markets.
Industry analysts also believed stockpiles have accumulated in Hong Kong in the past six months in anticipation of mainland China's expected dismantling of the tariff and duties wall blocking Australian imports since 2021, which came good in late March.
Wine Australia's latest 12 month sales period report noted direct exports to China had also lifted slightly when Beijing backed down on its contentious dumping claims, abolishing import tariff penalties of up to 218pc.
The warmly applauded news resulted in mainland China sales totalling $13m for the 12 month period- up 21pc from a very low base.
Alongside Hong Kong, solid sales to Japan, Britain and New Zealand have helped stabilise wine export results which slowed their rapid decline of recent years to end the year to March 30 worth $1.88 billion.
Overall exports dipped 1pc in value and 2pc in volume to 611m litres, largely due to a turnaround in bulk wine sales trends to North America.
Wine Australia said the latest figures suggested a relatively stable period had developed as some markets in Asia and Europe grew, but were offset by a decline in the big North American trade and dips in some other southern Asian demand trends.
"While we expect volatility to continue at an individual market level, data from recent quarters suggest that overall declines have stabilised, and a more positive sales trajectory is ahead, said market insights manager, Peter Bailey.
"Asia was our largest region by value, with a 36pc share, but strong growth in North East Asia - driven by Hong Kong - was tempered by a decline in Singapore, Indonesia, and Malaysia during the period."
Australian sales exports to North East Asia grew almost 29pc in value to $412m, mostly driven by Hong Kong demand for red wine priced above $10/litre (FOB).
Exports to Japan also grew during the period - up 4pc in value to $48m, mainly attributed to exports worth less than $5/litre, but also above $10 FOB.
Performance n the United Kingdom, where Australian product accounts for a quarter of all takeaway sales, has also been positive, partly due to Britain's tough economic times.
Our biggest export market overall, absorbing a fifth of Australia's total export value and 37pc of volume, Britian's sales figures grew 2pc in value to $367m, and 10pc in volume to 228m litres.
"The UK increase is likely being driven by more customers opting to drink wine at home rather than in bars and restaurants, to save money during the cost-of-living crisis," Mr Bailey said.
"Australia is the number one country of origin in this UK category, so it benefits when consumers move towards this channel away from the on-premise."
The US market downturn was entirely driven by unpackaged wine following a surge of bulk exports in 2022 and the early 2023 when shipping conditions improved and Australian producers were able to move large inventories into the market.
Mr Bailey said this trend had now eased, and to Canada, too, which had also taken less bottled product in the past year.
However, despite spending 15pc less, or $147m on Australian wine, Canada still ranked as our fourth biggest market by value and third biggest by volume.
Sales to Australia's second biggest market, the US, were down 7pc to $356m and 13pc in volume to 127m litres, while a 6pc growth in volume to NZ put it in fourth place at 30m litres, ahead of Germany (26m litres).