Investing.com -- Shares in French spirits makers Pernod Ricard and Rémy Cointreau fell on Wednesday after new data showed continued declines in France’s wine and spirits exports and as China signalled it could take additional trade measures against European alcoholic beverages.

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France’s latest export figures showed wine and spirits shipments dropping for a third straight year, reaching their lowest volume in more than two decades. Exports to China declined sharply, while shipments to the United States also fell.

Yuyuan Tantian - a social media account affiliated with Chinese state broadcaster CCTV - reported that China could launch investigations into French wines or impose “reciprocal tariffs” on relevant EU products if France pushes the European Union to adopt new tariffs on Chinese goods. 

The report came in response to a French government strategy paper published on Monday recommending that the EU consider a 30% across-the-board tariff on Chinese imports or a 30% depreciation of the euro against the renminbi to counter rising imports.

China has already conducted anti-dumping investigations into European brandy, including products exported by Pernod Ricard and Rémy Cointreau. Previous steps in the probe included provisional duties on certain European spirits.

France is the largest exporter of cognac to China, and the market accounts for a significant portion of its premium spirits shipments.