Based on data published by Eurostat, the European Union’s statistical office, in 2024 wine exports from the European Union to major Asian markets declined, with significant drops recorded in mainland China, Hong Kong, Japan, and South Korea. However, Thailand stood out as a rare growing market, favored by recent tax reforms.

Italian Export by segment Source: ISMEA analysis of ISTAT data

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

Mainland China: double-digit decline From January to October 2024, EU wine exports to mainland China totaled 456 million euros, showing a 12.48% decrease compared to the same period in 2023. Although China lifted COVID-19-related restrictions at the end of 2022, the persistent impact of the pandemic on consumer behavior remains evident.

EU wine exports to China during this period represented only 64.74% of the 705 million euros exported in the same period of 2019, highlighting the market’s slow recovery.

France, the EU’s largest wine exporter to China, accounted for 300 million euros, representing 65.88% of 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 euros, down 8.53%
• Spain: 43.96 million euros, down 15.70%
• Portugal: 5.42 million euros, down 14.44%

Other mature Asian markets face sharp 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 euros, down 22.67%
• Taiwan: 106 million euros, down 12.78% Both markets, known for their mature wine consumption patterns, recorded sharp declines.

In South Korea, which saw a surge in wine consumption during the pandemic, the market continued to decline. EU wine exports to South Korea from January to October 2024 totaled 198 million euros, showing a sharp 20.31% decrease compared to the same period in 2023.

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

Thailand bucks the trend 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 wine worth 67.71 million euros to Thailand, showing a 2.38% annual increase.

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

However, in terms of size, the Thai wine market remains small compared to larger markets such as Japan, mainland China, and Hong Kong.