(Just-Drinks) - The average value of bottled Australian wine exports is at its highest point in the last five years, with China, Hong Kong and the US driving the market, according to a new study.

A report from Wine Australia revealed that China is Australia's biggest market for exports in the above AUD10- (US$9.50) per-litre segment, followed by Hong Kong. China and Hong Kong account for 42% of high value exports, the report showed. 

Exports of bottled Australian wine priced above AUD7.50 per litre to the US have risen by 16% in the nine months to September.

The group's acting chief executive, Andreas Clark, said the figures show that “the US is ready for the quality, regionality and diversity of our wines at higher price points”. 

However total export volumes in the year-to-date are down by 3% to 684m litres, valued at AUD1.78bn (US$1.69bn).

The government agency said that the UK market remains challenging, with excise, decreasing consumption, high unemployment, falling household expenditure and a relatively strong Australian dollar all having an impact.

“While the volume of exports has declined overall and across many of our major markets, the growth at higher and more sustainable price points is a positive trend and one we need to build on to improve returns for grapegrowers and winemakers,”