Wine exports to China grow by 56% in the space of a year
Exports of Australian wine to China rocketed by 56% in the 12 months leading up to 30 September 2017, with the economic powerhouse placing orders worth $739mn.
Overall export value grew 13% to $2.44bn and volume grew by 9% to 799mn litres, signalling a slight preferential shift towards higher-end wine. Indeed, the $30-50 price bracket saw the most growth out of any, recording an increase in sales of 69%.
Red wine continues to dominate exports, contributing 74% of export value. Red wine is also the standout growth category for table wine, growing by 16 per cent to $1.8bn. Exports of white wine also grew but at a much lower rate of 2% to $546mn.
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Andreas Clark, CEO of Wine Australia, said: “Established and new-to-market exporters are sharing in this strong export growth. There were a record 2,102 active exporters in the period, up from 1744 exporters in the same period in 2016. Of these, 1475 exporters experienced a growth in exports of 28% to $2bn.”
The reduced tariffs through the China–Australia Free Trade Agreement has seen exporters now shipping directly to mainland China instead of Hong Kong, a big factor in the 56% growth witnessed over the past year. Also, as logistics and route-to-market practices evolve, some products are being sent earlier to market.
The below graphic summarises Wine Australia’s findings.
Timeline: India takes unicorn leap with six in five days
We chart an historic week in India’s tech industry, where in just five days, between 5-9 April 2021, the country achieved six new unicorns, bringing India’s total to 10 in 2021 to date, an immense unicorn leap from just seven in 2020 and six in 2019.
April 5: Meesho
India’s first social commerce unicorn, Meesho raised US$300m from SoftBank, Facebook and Shunwei Capital, giving the Bangalore-based startup a US$2.1bn valuation, a threefold jump from its previous funding round in 2019. Founded in 2015 by two IIT-Delhi graduates, Meesho connects producers and resellers, helping small businesses sell through social media. It has 45m customers and has enabled 13m entrepreneurs to start their online businesses with no investment.
April 6: CRED
Founded just over two years ago, Bangalore-based credit card repayment app CRED raised US$215m from Falcon Edge Capital and Coatue, nearly trebling its valuation to US$2.2bn from its January US$80m round. Allowing customers to pay off their credit card debt while earning CRED coins which they cash in for rewards, CRED has grown rapidly during COVID-19, doubling its customer base to nearly 6 million in a year.
April 7: API Holdings / Groww
The first epharmacy startup to gain unicorn status, PharmEasy (API Holdings), which has digitised 60,000 brick and mortar pharmacies and 400 doctors across India, raised US$350m in a round led by Prosus Ventures. Founded by four former Flipkart employees as a way of making investing simple, investment platform Groww became India’s second-youngest fintech unicorn, raising US$83m in Series D funding led by Tiger Global, quadrupling its previous round in September.
April 8: ShareChat
New Delhi-grown social media startup ShareChat, founded in 2016 by Mohalla Tech raised US$502m from Lightspeed Ventures, Tiger Global, Twitter and Snap taking its raised total over six rounds to US$766m and pushing its valuation to US$2.1bn. The funding will be used to grow its user base and short video platform Moj, which launched in 2020 following TikTok’s ban in India. The regional language startup claims 280m users.
April 9: Gupshup
AI-led conversational message startup joined the unicorn club after raising US$100m from Tiger Global giving it a ten-fold valuation of US$1.4bn. The smart messaging platform, which has seen accelerated growth during the pandemic, was founded in Bangalore in 2005 by serial entrepreneur Beerud Sheth, whose online freelancing platform Elance is now listed. Gupshup’s API enables 100,000+ businesses to build messaging and conversation experiences across 30+ communication channels.