By Alban Kacher
(Reuters) – The value of French cognac exports to China fell by nearly a quarter last year as the Chinese economy struggled and Beijing imposed anti-dumping measures on European brandy exports, according to data shared by an industry lobby group on Wednesday.
French cognac makers’ global exports dropped by 10.6% in value from 2023, data from the Bureau National Interprofessionnel du Cognac (BNIC) shows.
The fall was driven by a 24.2% decrease in the value of exports to the Far East region, mainly represented by China, the largest market for cognac by value, which dropped 23.8% year-on-year, and 9.6% by volume.
BNIC attributed the fall to a difficult Chinese economic recovery and the effect of anti-dumping measures.
“The sharp fall in our shipments to China since last October makes a rapid political solution to the problem of Chinese taxes more necessary than ever,” it said.
The body said it now expects a period of greater stability for the French government and planned bilateral negotiations with Beijing “must now get underway”.
French President Emmanuel Macron said in early January that Prime Minister Francois Bayrou will travel to China to try to discuss the trade dispute.
($1 = 0.9599 euros)
(Reporting by Alban Kacher)
