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Treasury Wine Estates confirms China customs delay

Treasury Wine Estates Ltd. on May 17 confirmed that it had been experiencing delays with Chinese customs for some of its shipments in the country.

The Australian winemaker said the confirmation is in response to "separate commentary on certain industries in Australia seeing a slowdown on clearance of imports into China."

Treasury Wine said it continues to cooperate with authorities and relevant agencies in China to meet all regulatory requirements.

"The company is seeking greater understanding of new and additional verification requirements which have been applied since April 2018, and seemingly appear to only apply to Australian Country of Origin wines, and to Australian exporters operating 'warehouse models'," the company said in the statement.

Treasury Wine added that it has no reason to believe the slowdown will be a long-term issue.