While 2024 was a stagnant year for the global wine industry, Thailand’s wine imports jumped by +13%!
📈 +12.98% in value (~US$132 million)
🍷 +5.71% in volume (18.6 million liters = 24.8 million standard 750 ml bottles)
🗓️ Year 2024 vs 2023
Main drivers:
📉 Tax Reform: the removal of the 54% wine import duty and simplification of the excise tax structure significantly lowered costs for importers.
🏖️ Tourism Surge: 35 million tourists in 2024 (+30% vs 2023), with high wine consumption potential.
Global Comparison:
Thailand is still modest compared to China, Japan, Hong Kong, and South Korea, but the trend is sharply upward.
Source: Vino Joy article