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.
• Wine exports to Hong Kong in 2010 amounted to US$895 million, representing a growth of 73% over 2009.
• According to the USDA GAIN (Global Agricultural Information Network) Report in February 2011, in terms of U.S. wine exports, Hong Kong is set to become the third largest market in 2010. The U.S. is currently the 4th largest wine exporter to Hong Kong behind France, the UK (mainly auction sales) and Australia.
Hong Kong imports of U.S. wine set new record in 2010
Hong Kong imports of U.S. wines amounted to US$ 57 million in 2010/11, representing an increase of 494% since wine duty exemption. The U.S. is currently the 4th largest wine exporter to Hong Kong behind France, the UK(mainly auction sales) and Australia. In terms of U.S. wine exports, Hong Kong is set to become the third largest market in 2010.
Hong Kong: an ideal place for wine-related business
Hong Kong has removed all wine duties since February 2008. With no Value-Added Tax (VAT) or General Sales Tax (GST), Hong Kong is the first free wine port among major economies.
U.S. and Hong Kong seek to boost American wine sales through Memorandum of Understanding
A Memorandum of Understanding on Cooperation in Wine-related Businesses (MOU) was signed between the U.S. and Hong Kong on May 17, 2010. This has further fostered joint efforts by the U.S. and Hong Kong to promote U.S. wines in Hong Kong, and via Hong Kong, into the massive Mainland China market.
Exciting opportunities:
Auctions, Wine Fairs and Festivals in Hong Kong
Flooded by enthusiastic buyers from around the world particularly Asia, wine auctions have flourished, with record-breaking sales in several occasions. In 2010, Hong Kong became the largest wine auction center in the world. The total wine auction sales in Hong Kong reached US$164 million.
The Door is Open
Strategically located at the heart of Asia, Hong Kong has built a reputation as a regional business hub – a natural gateway to new economic opportunities in Mainland China and the rest of Asia.
