International News

Brandy From The European Union

Author : Bozhou Marine

Update time : 2024-10-09 13:51:59

From October 11, 2024, import operators shall provide corresponding deposits to the Customs of the People's Republic of China when importing relevant brandy originating from the European Union.

According to the Global Times, the Chinese market is of great significance to French brandy companies. Statistics from the Cognac Industry Association show that the Chinese market accounts for 25% of the total exports of French Cognac brandy.

On September 17 this year, a large number of brandy industry practitioners protested on the streets of Cognac, France, against the EU's additional tariffs on China.

On October 4, after the EU voted to impose additional tariffs on Chinese electric vehicles, the French Cognac Industry Association criticized the French government for failing to protect the local industry, accusing "the French authorities of abandoning us and our industry being sacrificed as a result"

On October 8, the Ministry of Commerce of China issued the "Announcement on the Implementation of Temporary Anti-dumping Measures on Imported Brandy Originating from the EU"

On October 8, local time, the stock prices of several major French spirits brands fell after the opening. The stock price of Pernod Ricard Group fell by nearly 4% that morning, the stock price of Hennessy's parent company LVMH Group fell by 4%, and the stock price of Remy Cointreau Group fell by 8%.

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