HK wine imports reach new high

Hong Kong wine imports are nearing the one billion dollar mark for 2011.

Speaking at the opening ceremony for the HKTDC International Wine & Spirits Fair this morning, professor KC Chan, Hong Kong’s secretary for financial services and the treasury, said that total wine imports had reached US$940 million for the first nine months of this year.

This, he said, represented a rise of 57% over the same period in 2010, and, highlighting the rapid growth of the market since the duty on wine was abolished in February 2008, he recorded that in 2007, wine imports were $204m, less than quarter of the current figure.

He also stressed, “China is the fastest growing wine importer in the world.”

Pointing out Hong Kong’s role in the re-export of wine to the mainland, he added, “Given our strong connections with the mainland and our experience in doing business there over the past few decades, Hong Kong is well placed to take advantage of this growth.”

This year is the fourth time the HKTDC (Hong Kong Trade Development Council) has held a wine and spirits fair.

The 2011 show is almost four times the size of the inaugural fair in 2008 and this year has attracted a record 934 exhibitors from 37 countries.