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What may look paradoxical since UK is not a major wine producing region, this has come about as London is a source and hub of fine French wines and the appetite of Hong Kong lovers for the top Bordeaux wines is well known. Coupled with the fact that it is also fast becoming a hub for wines due to its duty free status, the exports from UK have gone past the French, for the firs time ever, reports Drinks Business.
Imports from Britain showed an annual 146% increase during the first seven months of 2009 to almost US$80 million from Jan-Jul 2009, which was around US 69.5 million for the whole of 2008. UK has increased its share of this wine market from 20% to 33%, while France’s has slipped from over 35% to 31.6% at around US $72 million for the comparable period. The fine, expensive French wines are exported from the UK, explaining the phenomenal increase in dollar value.
Australia, in third place this year, has an 8.7% share totalling US$ 21 million followed by the US, Chile, Switzerland and Italy.
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, adds the report.
Hong Kong Trade Development Authority is organising the second international wine and spirits fair (HKIWSF) in November, to showcase the changing face of its wine market and should be an interesting venue to watch the change at the ground level. |