AUSTRALIAN WINE LIKELY TO EXPERIENCE PRICE DECREASES IN THE FUTURE

The Advertiser reported that Australia’s annual wine exports are expected to strongly increase to 1.3 billion liters worth $4.89 billion for 2010-2011. The forecast for the current fiscal year is 749 million liters and $2.9 billion. However, prices are expected to fall despite growing demand due to wine abundance in other countries and waning demand in Europe. According to the Australian Bureau of Agricultural and Resource Economics, weighted average price of white-wine grapes will decline from $522 a tonne in