Budget Speech

Wine Trading and Distribution

124.      Since wine duty was exempted in February 2008, there has been sustained growth in wine imports and related businesses. The number of persons engaged in wine-related businesses increased by more than 5 000 in 2008 and 2009, bringing the total to 40 000. In 2010, the total value of wine imports exceeded $6.9 billion, an increase of 73 per cent over 2009. According to the industry, Hong Kong surpassed New York to become the world’s largest wine auction centre in 2010.

125.      To help the industry tap business opportunities arising from the growing demand for wine across Asia, especially in the Mainland, we signed Memoranda of Understanding on Co-operation last year with various countries and regions including the US, Portugal, Chile and the region of Burgundy in France. This has brought the number of similar agreements between us and wine-producing countries or regions to 12. We will continue to seek opportunities for co-operation with our trading partners, further capitalising on Hong Kong’s experience and network in wine trading and distribution.

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