Why imported wine undercuts domestic labels in China

Summary

China applied zero tariffs to bottled wine from 12 free-trade partners, including Chile, New Zealand and Australia, in 2024. Chile alone accounted for 38.7 percent of China's total import volume, according to 2023 General Administration of Customs data, helped by an upgraded China-Chile Free Trade Agreement that scrapped tariffs outright from 2019. Four factors explain why imported wine sells for less than domestic wine: tax, raw materials and scale, distribution structure, and currency settlement.

On tax, domestic wine carries 13 percent VAT, 9 percent consumption tax and local surcharges, a combined burden of 25–28 percent. Imported wine under zero tariffs pays VAT at 13 percent on the sum of the dutiable value plus tariff and consumption tax only. A batch of Chilean Cabernet Sauvignon priced at 50 yuan a bottle CIF lands at a dutiable cost of about 56.5 yuan.

A domestic wine of comparable quality leaving the winery at 60 yuan reaches 82–88 yuan at the retail end once tax is included. On raw materials and scale, the world's five largest wine producers average more than 200,000 hectares under vine, with yields steady at 6–8 tonnes per hectare. Chile's Central Valley uses one third the pesticide of the Penglai district in Shandong, hand-picks under 15 percent of its fruit and runs mechanisation above 85 percent.

China's winemaking grape area was about 650,000 mu in 2022, scattered across 12 main producing regions, with average yields of just 3.2 tonnes per hectare and 76 percent hand-picked. Labour costs 18–22 yuan an hour, and Ningxia Cabernet Sauvignon purchase prices rose 23 percent year on year in 2023. On distribution, leading importers such as ASC and Shengpi'er buy more than 1 billion yuan a year, with minimum order quantities above 50,000 cases per SKU, spreading logistics and warehousing costs to 0.8 yuan a bottle.

Domestic wine typically carries a 45–60 percent mark-up at the provincial agency level, and terminal tobacco and liquor stores demand gross margins of at least 80 percent. On currency, the yuan appreciated about 6.3 percent against the US dollar and 11.7 percent against the Australian dollar between 2020 and 2023. Importers mostly use forward letters of credit to lock in exchange rates for six to 12 months.

In 2023 Australian Shiraz was quoted at AUD 2.15 a bottle FOB, or 9.8 yuan, below the 11.6 yuan per bottle paid for domestic Shiraz base wine of the same specification.

Commentary

Imported wine undercuts domestic wine in China chiefly because of zero tariffs, large-scale production costs, shorter distribution chains and a stronger yuan. For small and medium-sized New Zealand wineries, the analysis points to one key fact: price competitiveness is not a natural endowment for New Zealand wine in China. Chile, with more than 200,000 hectares under vine and mechanisation above 85 percent, pushes per-bottle costs very low, while the average New Zealand vineyard is under 50 hectares and labour costs far exceed Chile's.

New Zealand wineries that take on Chilean and Australian volume producers on price will inevitably lose. Under the China-New Zealand Free Trade Agreement, however, bottled New Zealand wine has been tariff-free since 2012, offsetting part of the cost disadvantage for smaller brands. The deeper commercial opportunity lies elsewhere.

New Zealand accounts for only 4 percent of China's imported wine volume but about 12 percent of import value, 2023 customs data shows, meaning its average price sits well above the market average. Consumers are willing to pay a premium for New Zealand wine's purity, high acidity and distinctive varieties such as Marlborough Sauvignon Blanc and Central Otago Pinot Noir. New Zealand wineries should steer clear of e-commerce platforms and mass-market tobacco and liquor stores, and focus instead on high-end dining, fine wine specialists and private clients, using the 'New Zealand equals purity' association to sharpen their storytelling.

They should also watch yuan-NZD volatility and consider forward foreign exchange contracts to lock in margins. Another angle: the high cost of domestic wine stems partly from fragmented smallholder growing. New Zealand wineries could partner with Chinese wine merchants to supply bulk wine on an OEM basis, using zero tariffs and brand endorsement to tap the market for upgraded replacements to domestic wine.

Keywords: imported wine, zero-tariff policy, domestic wine, combined tax burden, cost structure, channel mark-up rate, yuan appreciation, Chilean wine, brand premium, winemaking grape growing

Summary in Chinese | 摘要

2024年中国对来自智利、新西兰、澳大利亚等12个自贸伙伴的瓶装葡萄酒执行零关税政策，其中智利对华出口量占中国进口总量的38.7%（海关总署2023年统计数据），受益于《中智自由贸易协定》升级版，2019年起已全面取消关税。文章从税收、原料与规模化、渠道结构、汇率结算四个层面解释进口葡萄酒价格低于国产酒的原因。税收方面，国产葡萄酒需承担13%增值税、9%消费税及地方附加税费，综合税负达25%–28%；进口酒在零关税前提下仅按完税价格与关税、消费税之和的13%计征增值税，一批到岸价50元/瓶的智利赤霞珠完税成本约56.5元，而同品质国产酒出厂价60元时终端含税售价达82–88元。

原料与规模化方面，全球前五大葡萄酒生产国平均葡萄种植面积超20万公顷、单产稳定在6–8吨/公顷，智利中央山谷产区农药使用量仅为山东蓬莱产区的1/3、人工采收比例低于15%、机械化率超85%；国内2022年酿酒葡萄种植面积约65万亩且分散于12个主产区，平均单产仅3.2吨/公顷，76%为人工采摘，劳动力成本18–22元/小时，2023年宁夏赤霞珠收购价同比上涨23%。渠道方面，头部进口商如ASC、圣皮尔年均采购额超10亿元，单SKU起订量5万箱以上，物流与仓储成本摊薄至0.8元/瓶；国产酒省级代理加价率普遍达45%–60%，终端烟酒店毛利要求不低于80%。汇率方面，2020–2023年人民币对美元累计升值约6.3%、对澳元升值11.7%，进口商多用远期信用证锁定6–12个月汇率，2023年澳洲西拉FOB报价2.15澳元/瓶折合人民币9.8元，低于国产同规格西拉基酒采购价11.6元/瓶。

Commentary in Chinese | 评论

中国进口葡萄酒比国产酒便宜，核心原因在于零关税政策、规模化生产成本、更短的渠道层级以及人民币汇率走强。对新西兰中小酒庄而言，这篇分析揭示了一个关键事实：价格优势并非新西兰葡萄酒在中国市场的天然禀赋。智利凭借超20万公顷的种植面积和85%以上的机械化率，将单瓶成本压至极低，而新西兰葡萄园平均面积不足50公顷，人工成本远高于智利。

因此，新西兰酒庄若与智利、澳洲大厂拼价格，必然失败。但从中新自贸协定看，新西兰瓶装葡萄酒自2012年起已实现零关税，这为中小品牌抵消了部分成本劣势。更深层的商业机会在于：中国进口葡萄酒市场中，新西兰以仅4%的进口量占比却贡献了约12%的进口额（2023年海关数据），说明其均价远高于市场平均值，消费者愿意为新西兰酒的纯净、高酸度和独特品种（如马尔堡长相思、中奥塔哥黑皮诺）支付溢价。

新西兰酒庄应避开电商平台和大众烟酒店渠道，聚焦高端餐饮、精品酒专卖店和私人客户，利用“新西兰＝纯净”心智，强化故事营销。同时注意人民币对纽元汇率近年波动，建议签署远期结汇合同以锁定利润。另一个视角：国产葡萄酒成本高企部分源于小农分散种植，新西兰酒庄可考虑与国内酒商合作，以OEM方式供应散装酒，利用零关税和品牌背书，切入国产酒升级替代市场。

关键词: 进口葡萄酒, 零关税政策, 国产葡萄酒, 综合税负, 成本结构, 渠道加价率, 人民币升值, 智利葡萄酒, 品牌溢价, 酿酒葡萄种植

Source: Jianshu