New report suggests glut will last years, even if Beijing drops tariffs early, while prices of Australian red wine grapes plummet by more than half
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Australia has an oversupply equivalent to more than 2.8bn bottles of wine – a little more than 100 bottles per person – after the trade dispute with China slashed exports to the biggest consumer of Australian wines.
The excess wine is being stored in large steel vats in wineries across Australia, equating to 859 Olympic wine-filled swimming pools.
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