Hong Kong wine dealers raise a toast to falling euro and mainland China market recovery

Hong Kong’s wine trade is on the rebound, as businesses toast the falling euro and recovery of the mainland Chinese market.

The value of wine imports grew 21 per cent year-on-year to HK$1.56 billion in the first two months of this year, according to the Census and Statistics Department. Imports from France, the biggest source market, also climbed 21 per cent to HK$824 million.

During the same period, total wine exports – a majority to mainland China – jumped 42 per cent from last year to HK$482 million.

That was after wine imports slumped in 2012 and 2013, before a slight recovery last year when imports increased by 5.1 per cent.

The depreciation of the euro against the Hong Kong dollar has made European wines much more appealing to local consumers, according to Paulo Pong Kin-yee, managing director of wine wholesaler Altaya Group.

“Prices are now 10 to 15 per cent cheaper than at the end of last year and we are immediately passing on this discount to our clients, so they are taking advantage,” he said. “We have not seen such active trading, especially for mature Bordeaux, for a while now.”