Stata cannot import labels from an Excel file with the single -import excel- command.
However, you could import the labels as local macros from the Excel file if you did this right after your -import excel- command. Here is some example code I used for a project. If you give me more details on your specific instance (e.g. Excel file format), I can rewrite this code for your instance.
*Store variable names, types, labels, and value labels as locals
local opts clear allstring sheet("Variables") firstrow case(lower)
import excel "../docs/Variable names and values.xlsx", `opts'
forvalues i = 1/`=_N' {
local varname = variablename[`i'] //variable name
local `varname'lbl = variablelabel[`i'] //variable label
}
import delimited "../raw/NFP Baseline Survey.csv", case(lower) clear delim(",") varnames(1) stringcols(_all)
*Label variables
foreach v of varlist * {
label variable `v' "``v'lbl'"
}