UK becomes Hong Kong’s leading wine supplier

In what may at first appear a strange result, Hong Kong Trade Development Council statistics show that the country’s leading wine supplier is the UK.

Imports from Britain showed a 146% increase during the first seven months of 2009 to almost US$80 million, pushing the country ahead of France for the first time.

The outcome is a reflection of not only the rising proportion of fine wine shipped to Asia but also the role of London as the international trading hub for fine wine.

The figures show UK wine imports from January to July at $79,959, which is $10,000 more than the UK shipped to Hong Kong during the whole of 2008.

Notably, the UK has increased its share of Hong Kong’s wine market from 20% to 33%, while France’s has slipped from over 35% to 31.6%.

Australia, in third place this year, has an 8.7% share totaling $20,904, up 33%, followed by the US, Chile and then Switzerland.

The UK’s leading position is purely a result of London’s central position in the fine wine trade and a reflection of the increasing amount of high value fine wine shipped to Hong Kong, boosted by the country’s decision to abolish duty on wine in February 2008.  

Considering why the UK, essentially a non-wine producing country, has taken top spot by value, Jack Hibberd, research manager at Liv-ex, said: "Just one case of Lafite Rothschild 2000, at £12,000, equates to an entire 1,000-case container of a typical mainstream brand (at approximately £12 a case, ex-cellars).”

As for Asia’s increasing role in fine wine consumption, it is interesting to add that during the first half of 2009, Sotheby’s Hong Kong office has surpassed London wine sales by nearly 18%, and of their top 100 lots worldwide, almost 87% of bids have been Asia-based.

Patrick Schmitt, 17.09.2009