Hong Kong – A world class wine trading and distribution hub in Asia
Hong Kong, Asia’s World City, is quickly becoming a regional wine trading and distribution hub in Asia. Since the elimination of wine duties in February 2008, merchants have seized the opportunity to increase shipments and establish a greater presence in Hong Kong.
Overall, the Hong Kong market has been responding positively.
- Wine exports to Hong Kong in 2011 amounted to US$1.2 billion, representing a growth of 40% over 2010.
- The U.S. is currently the 3rd largest wine exporter to Hong Kong.
- U.S. wine exports to Hong Kong amounted to US$75.6 million in 2011, representing an increase of 57% as compared with 2010.
- The U.S. and Oregon and Washington States have signed Memorandum of Understanding on Cooperation in Wine-related Businesses with Hong Kong to promote U.S. wines in Hong Kong.
- According to the annual survey conducted for VINEXPO by International Wine and Spirit Research, Hong Kong has emerged as Asia's wine drinking capital. Hong Kong's average adult consumption (five litres a year) is the highest in Asia. In 2011, Hong Kong's wine consumption increased by almost 7%, reaching 39 million bottles. Consumption doubled from 2006 to 2010.
- Companies from various sectors of the wine industry are seeking to uncork the huge potential market in Asia and particularly in Mainland China – a region tipped by the industry to be the driver of global wine sales in the next decade and beyond. As a premier international gateway to Mainland China, Hong Kong is well placed to capitalize on this market growth.
