11:04 AM John , 0 Comments
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.