Wine imports to Hong Kong are poised to break the US$1bn barrier this year after soaring by 65% in the first eight months of 2011.
Hong Kong:wine imports ‘soaring’
According to the Hong Kong Trade Development Council, imports reached US$856m in the January to August period – only just short of the total for the whole of 2010.
France heads the list of exporting countries with revenues of more than US$330m so far this year.
But total imports of French wine are likely to be significantly higher than this figure: the UK, Switzerland and Singapore also feature in the top six wine exporters to Hong Kong, reflecting the trading of third party wines through these countries.
The growth continues the trend of soaring imports into Hong Kong, which has established itself as Asia’s prime wine trading hub since the government axed excise duty on wine and beer in 2008.
Written by Richard Woodard