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The Chinese Grow Closer to French Wine 4/19/2011

china wine importsChina was the world largest consumer and importer of Bordeaux wine in 2010. That is astonishing to me, considering that French-style red wine has only recently began to draw a significant following amongst Chinese consumers.

According to the Bordeaux Wine Council, China imported 33.5 million bottles of Bordeaux wine last year. That is $475 million USD worth of French wine tingling the palates of Chinese wine lovers. China in fact, has become much more of a wine-oh country in the last six or seven years. They now import over $1 Billion USD worth of wine, which is more than four times the amount imported in 2004.

If you have your own label, (I wish I did) I would highly consider formulating a market entry strategy to break into what could quite possibly be the world’s largest wine market very soon.

China is also in the midst of a large wine expo, called the “2011 Wine China Exhibition” located in both Beijing and Shanghai. The events began on April 17th and will continue through April 20th, ending in Shanghai. Wine from all over the world will be celebrated, tasted and enjoyed. If you are interested in learning more, here is the exhibition’s site. I definitely plan on attending one of these years.

China Wine Import Stats

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10 China Facts You May Not Have Known 2/2/2011

China Facts Skyline and Flag
1.       China is the second largest economy in the world.

2.       China is the largest exporter in the world.

3.       China is the second largest importer in the world.

4.       China currently accounts for nearly 10% of world trade.

5.       The United States’ 2010 estimated GDP is $14.7 trillion.

6.       China’s 2010 estimated GDP is $9.8 trillion.

7.       The Chinese government indicated in January that its companies signed contracts worth $45 Billion with American businesses. This increase in United States export business is expected to support an estimated 235,000 U.S. jobs. (The Boeing Airplane order for 200 planes is the largest portion of this deal, valued at $19 Billion.)

8.       Before this year, the last time that an American President hosted China’s president for a dinner was 13 years ago during the Clinton administration.

9.       In 2009, China’s economy was one third the size of the United States’ economy.

10.   China’s population is approximately 4 times the size of America’s population.

*Note: Ok, so number seven is only about America, but I wanted to show the comparison. The facts listed above are to the best of my knowledge the most accurate as of today. There is no guarantee they will stay true in the future.

Sources:
1. http://www.nytimes.com/2010/08/16/business/global/16yuan.html
2. http://www.cbc.ca/world/story/2010/01/10/china-exports.html
3. http://www.chinadaily.com.cn/business/2011-01/29/content_11937210.htm
4. http://www.china.org.cn/business/2010-11/19/content_21378120.htm
5. https://www.cia.gov/library/publications/the-world-factbook/geos/us.html
6. https://www.cia.gov/library/publications/the-world-factbook/geos/ch.html
7. http://www.whitehouse.gov/the-press-office/2011/01/19/fact-sheet-us-china-commercial-relations
8. http://news.yahoo.com/s/ap/20110118/ap_on_re_us/us_us_china_state_dinner
9. http://www.state.gov/r/pa/ei/bgn/18902.htm
10. https://www.cia.gov/library/publications/the-world-factbook/geos/ch.html

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China and the Wine Industry 11/12/2010

china wine auction chateau lafite rothschild 1869As an avid wine enthusiast, I think it is necessary to write a post about China’s growing position in the wine world. It may be surprising for some of us to hear that Hong Kong is now the world’s 2nd largest center for Wine Auctions in the world. It has surpassed London and is second only to New York. In fact, a world record was set this year at an auction in Hong Kong with the most expensive bottles of wine ever sold on record. Three bottles of 1869 Château Lafite-Rothschild (world famous French wine from the Bordeaux region) were sold for an astounding, $232,692 USD…each! The one auction sold $8.4 million worth of wine!

As more and more Chinese have started to enjoy the wonderful world of wine and wine collecting, entrepreneurs have been finding ways to capitalize. A number of abandoned factories in Hong Kong have been converted into wine storage units complete with motion detectors, chiller rooms, humidity monitors and automated temperature controls: all the necessary precautions for storing world class wine. If only I could have a wine cellar that big!

You can only imagine the importance for the different wine makers of the world to take advantage of the already huge, and growing market for wine consumption and sales in China. As for producing wine? I think that will be left  to the professionals.

Want to attend a huge food and wine expo? The China International Foodstuff Exposition (CIFE). The 7th annual expo held in Guangzhou, in the same facility as the Canton fair, is going to be held from June 2-June 4th, 2011. The expo this past year had over 25,000 visitors , 523 exhibitors from 23 countries/regions. CIFE is known to be the largest trade fair for the food and beverage industry in South China.

Full Article
World Record china Wine Auction

Photo: Reuters

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