Hong Kong Wine Imports Decline Sharply in 2024 Amid Market Adjustments

Hong Kong’s wine import market continued its downward trend in 2024, with total imports valued at 766 million euros. This marks a 14.6% decrease compared to the 897 million euros recorded in 2023. The current figure is also well below the peak of 1.15 billion euros reached during the pandemic in 2020 and the 1.3 to 1.4 billion euro range seen in 2017 and 2018. Despite this decline, Hong Kong remains one of the world’s wealthiest wine markets, as these revenues are generated from less than 300,000 hectoliters—specifically, 292,000 hectoliters, which is a 6% drop from last year.

The average import price per liter stands at 26 euros, down from nearly 29 euros in 2023, reflecting a high price mix but also a notable decrease of about 9%. The data is complicated by the presence of importers from the United Kingdom, Singapore, China, and Switzerland, making it difficult to get a clear picture of market shares by country of origin.

France continues to dominate Hong Kong’s wine imports. In 2024, French wine exports to Hong Kong reached 308 million euros for just 61,000 hectoliters, according to UN Comtrade data. This results in an average price close to 500 euros per liter. French exports fell by 9% compared to last year and by about 5% compared to pre-pandemic levels in 2019. France holds a market share of around 40%, but if re-exports from intermediary countries are excluded, its share could be as high as 55-60%.

Italian wine continues to struggle in Hong Kong. Imports from Italy dropped by 16% in value to just 21 million euros in 2024. Italy’s position remains well below its potential and is far behind both Australia and the United States. Australian wine exports reached 124 million euros, while American wines accounted for 49 million euros. Australia’s strong performance is partly due to the recent end of China’s ban on Australian wine imports; during the ban, Hong Kong served as a key entry point for Australian wines destined for mainland China.

Sparkling wines also saw a significant decline in Hong Kong this year. Imports fell by 20% to a value of 63 million euros in 2024. However, this drop follows two years of exceptional growth for sparkling wines in the market. The data for sparkling wines is further complicated by Singapore’s role as the leading exporter on paper, followed by France with exports valued at 24 million euros and Italy at just three million euros.

Overall, while Hong Kong remains an important and high-value market for wine imports globally, the latest figures show ongoing challenges for most exporting countries except France. The market’s complexity is heightened by re-exports and intermediary trade routes that obscure direct country-to-country comparisons. The decline in both volume and value signals a period of adjustment for producers and exporters looking to maintain or grow their presence in this influential Asian hub.