February 15, 2006

US beef exports to Hong Kong to reach US$25 million in 2006

USDA has predicted US beef exports to Hong Kong will reach US$25 million in 2006, following Hong Kong's resumption of US boneless beef imports on Dec 29, 2005. According to USDA's Feb 1 report on Hong Kong livestock and products, this figure is about 31 percent of the 2003 export level prior to the two-year ban Hong Kong imposed on US beef.

In 2003, US$80 million worth of US beef products was exported to Hong Kong. In the same year, the US was the leading beef supplying country and accounted for 44 percent of Hong Kong's import market share.

USDA said that re-launching US beef back into the Hong Kong market will be a steady and gradual process as other exporting countries have established market shares there during the two-year ban. The main competitor for market share in Hong Kong will be Canada.

As Hong Kong is already a mature market, beef and pork imports in 2006 are not expected to see significant changes. USDA forecast Hong Kong's beef and pork imports to rise 2 percent and 3 percent respectively in 2006.

For the full USDA report, click here.