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Wine exports from the European Union to key Asian markets declined in 2024, with mainland China, Hong Kong, Japan, and South Korea recording significant drops, according to our analysis based on data released by Eurostat, the statistical office of the European Union.

However, Thailand stood out as a rare growth market, buoyed by recent tax reforms.

Mainland China: Double-Digit Decline

From January to October 2024, EU wine exports to mainland China totaled €456 million, a 12.48% decrease compared to the same period in 2023. Despite China lifting its COVID-19 restrictions in late 2022, the pandemic’s lingering impact on consumer behavior remains evident.

EU wine exports to China during this period amounted to just 64.74% of the €705 million exported in the same period in 2019, highlighting the slow recovery of the market.

France, the largest EU wine exporter to China, accounted for €300 million, representing 65.88% of the total exports to the country. However, this figure marked a 13.57% year-on-year decline. Other major EU wine-producing nations also saw significant drops in their exports to China:

Italy: €72.91 million, down 8.53%

Spain: €43.96 million, down 15.70%

Portugal: €5.42 million, down 14.44%

Germany, however, bucked the trend with a 15.94% increase in its wine exports to China, reaching €22.07 million. The growth is attributed to China’s increasing interest in white wines, particularly Rieslings, for which Germany is renowned.

Other Mature Asian Markets Face Steep Declines

The decline in EU wine exports was not limited to mainland China. Established wine markets in Hong Kong and Taiwan also experienced significant downturns.

Hong Kong: €258 million, down 22.67%

Taiwan: €106 million, down 12.78%

Both markets, known for their mature wine consumption patterns, saw sharp declines.

In South Korea, which witnessed a surge in wine consumption during the pandemic, the market continued its slide. EU wine exports to South Korea from January to October 2024 totaled €198 million, a sharp 20.31% drop compared to the same period in 2023.

Japan, the largest Asian market for EU wines, recorded an 11.74% decrease, with exports totaling €745 million. Despite the decline, Japan remains a key destination for EU wine exports in the region.

Thailand Emerges as a Bright Spot

In contrast to the downturn in other Asian markets, Thailand showed modest growth in EU wine exports. From January to October 2024, the EU exported €67.71 million worth of wine to Thailand, a year-on-year increase of 2.38%.

This growth was largely driven by Thailand’s 2024 tax reforms, which eliminated a 54% import tax on wine and unified the consumption tax system. These changes likely encouraged importers to increase their wine imports, positioning Thailand as an emerging market of interest amid declining consumption elsewhere.

However, in terms of scale, Thailand’s wine market remains small compared to larger markets like Japan, mainland China, and Hong Kong.