Europe – the world’s largest economy
Europe comprises the 28 countries of the European Union (EU) – including the UK, plus another fourteen countries that are not members of the EU. The EU is the world’s largest trading bloc and the world’s largest economy. As a region, it is Australia’s largest wine market by volume, accounting for 41 per cent of all Australian wine exports in 2017, compared with North America (29 per cent) and North East Asia (22 per cent). On the other hand, by value its share is 22 per cent, with North East Asia having the largest share (41 per cent).
Not including the UK, the largest European wine market for Australia is Germany, followed by the Netherlands, Denmark and Sweden. Outside of the EU, Australia exports to 5 European countries, most notably Switzerland, Norway and Russia.
European wine countries generally have the highest per capita wine consumption in the world, with Portugal top, followed by Italy, France and Slovenia.
Germany is the largest importer of wine in the world (by volume), while France and Italy have the highest global wine consumption apart from the USA and China, but are also the world’s largest wine producers along with Spain, and therefore have smaller markets for imported wines.
Image source: Adobe Stock
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