China - meanwhile is launching an anti-dumping investigation into wines imported from the EU.
The decision follows a request from the China Alcoholic Drinks Association. The association complained that EU countries have been selling wines to China at below-market prices. Data from China’s Customs Administration shows 2 out of 10 bottles of wines sold in China come from Europe.
And prices are getting cheaper by the year. In the first two months this year, the average price of imported wines fell to below 6 dollars per liter, down 10% from a year ago. Meanwhile, domestic wine makers such as Great Wall and Dynasty have seen their earnings plummet in the past year.
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