Secretary for Commerce & Economic Development Algernon Yau continued his visit to Bordeaux in France to promote Hong Kong’s advantages as a wine and liquor trading hub to the trade.
Mr Yau held a business roundtable with representatives of the trade of Bordeaux wine, Cognac and Armagnac to discuss the latest developments of the trade and enhance co-operation on promoting wine and liquor trading.
He highlighted the business opportunities brought about by the strong growth in the demand of wine in the vast Asia-Pacific market, noting that market research revealed China’s wine market generated approximately US$31 billion in revenue in 2024 and is projected to reach US$54 billion in 2030, an annual growth rate of almost 10%.
With Hong Kong’s wine duty abolished in 2008, the city is now an international wine trading hub and one of the world’s top three wine auction centres, Mr Yau added.
As regards liquor, the commerce chief said that France remains one of Hong Kong’s top liquor trading partners.
In 2024, Hong Kong imported US$831 million worth of liquor, and France was its second-largest import market, accounting for 30% of the total. Brandy continued to be a leading category, particularly through high-end retail channels catering to the Mainland market.
Mr Yau outlined that Hong Kong took introduced a two-tier liquor duty system last October, under which the duty rate was reduced from 100% to 10% for the portion above $200.
“As a ‘super connector’, linking the East and West, Hong Kong with its strategic location and unique advantages plays a pivotal role in the global liquor trade as a gateway to the fast-growing Asia and Mainland markets.”
Between 2013 and 2023, imports of spirits in Asia grew 79.3%, a significantly faster rate than the global increase of 42% in the same period. The Mainland is now the third-largest importer of Cognac.
Mr Yau pointed out that Hong Kong’s signature events such as the Hong Kong International Wine & Spirits Fair and the Hong Kong Wine & Dine Festival, along with biennial events such as ProWine Hong Kong and Vinexpo Asia, provide French producers with unparalleled platforms to promote their brands to international buyers, distributors and liquor enthusiasts.
