Hong Kong, is quickly becoming Asia's wine trading and distribution hub. 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 2012 amounted to US$1.03 billion.
• The U.S. is currently the 4th largest wine exporter to Hong Kong, in terms of value and third in terms of quantity.
• U.S. wine exports to Hong Kong amounted to US$66.8 million in 2012.
Hong Kong imports of U.S. wines amounted to US$ 66.8 million in 2012. The U.S. is currently the 4th largest wine exporter to Hong Kong in terms of value and the third in terms of quantity.
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.
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.
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$155.2 million in 2012.
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.