Australian wine exports have hit a new record high, with China remaining the most lucrative market, the Xinhua News Agency reported on Wednesday.

According to Wine Australia data, the total value of exports rose by 20 percent in the 2017-18 financial year to A$2.76 billion ($2.05 billion), while the total volume of wine exported rose 10 percent to 852 million liters.

Wine exports to China were worth A$1.12 billion, or 40 percent of the total export value, a 55 percent increase from the previous year.

Even with strong continued growth in China, Wine Australia Chief Executive Andreas Clark said the industry cannot afford to rely on just one market, according to the Xinhua report.