Hong Kong Promotes Itself As Asia's Wine Trading Hub

By ExpatBriefing.com Editorial 16 September, 2013

During her recent remarks to the Hong Kong-Canada Business Association, Gloria Lo, Director of the Hong Kong Economic and Trade Office in Toronto, highlighted the benefits offered by Hong Kong to Canadian wine exporters from its position as the wine trading and distribution hub for Asia.

She emphasized that Hong Kong became the first free wine port among major economies by eliminating tariffs on wine in 2008, helping to promote the city as a wine trading and distribution center, and that Hong Kong has now overtaken New York and London to become the world's largest wine auction market.

Lo also noted that, with regard to imports into Mainland China, wines manufactured in Hong Kong, using imported grapes for fermentation and further processing can also enjoy zero import duty when entering the Mainland. Currently, imported wines to Mainland China from overseas suffer a tariff of up to 20 percent.

In addition, regardless of the origin of production, all wines exported to the Mainland through Hong Kong can receive facilitating measures through the pre-valuation of duty in Hong Kong and shorter customs clearance times at designated Mainland ports, under a pilot scheme implemented in Shenzhen.

Tags: Tax | Tariffs | China | Food | Tax Rates | Hong Kong | Import Duty | Trade | Expats |

 





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