Hong Kong toasts 14 million bottle wine trade with France
Speaking at a Trade Development Council event held in Paris, Hong Kong’s finance chief said that the 14 million bottles of wine imported from France last year played a key part in €9 billion worth of trade between the two.
Hong Kong’s Financial Secretary Paul Chan travelled to Paris last week for the first trade promotion event held between the two cities for almost a decade.
Chan pointed out that the value of trade between Hong Kong and France last year amounted to €9 billion, of which wine imports played a major factor.
Despite still recovering from the Covid-19 pandemic, last year “Hong Kong still imported 13 to 14 million bottles of French wine,” he said.
“For Hong Kong and France, and for the global economy as a whole, it has been a challenging few years,” Chan added. “Even so, our relationship with France remains strong.”
He revealed that in the first six months of 2023, wine imports from France grew by 2% on the same period in 2022, and accounted for 60.8% of all wine imports to Hong Kong.
In 2022, wine imports from France dropped by 24% compared with 2021.
France was the largest EU investor in Hong Kong at the end of 2021, with total foreign direct investment amounting to HK$96 billion (US$12.3 billion) .
“Six French banking groups operate in our city. Not to mention the very popular brands of Hermes, Louis Vuitton and Chanel, or wine from Bordeaux or Burgundy,” said Chan.
Scotch whisky is also a key import to Hong Kong, with the product gaining trademark protection there in August 2023.
Brian Davidson, British Consul General to Hong Kong and Macao, said: “This milestone recognises Scotch whisky as a symbol of Scotland’s rich heritage and craftsmanship. We are grateful for the continued appreciation shown by Hong Kong consumers – they can now have even more confidence in the provenance of Scotland’s beloved national spirit.”