December 28, 2009

Hong Kong shows preference for US food products

A recent report indicates that Hong Kong has grown to become the fourth-largest market for US food and beverage exports.

USDA's Foreign Agricultural Service (FAS) expects US exports of high value food products to Hong Kong to grow by 15% and top the US$1.4 billion mark by the end of 2009, the largest growth among all US export markets in the world.

The report from FAS projects continued growth in exports to Hong Kong, with red meat and poultry meat being listed as some of the top prospects. 

Due to limited land resources and rapid urbanisation, Hong Kong relies on imports for about 95% of its food supply. Local production contributes only 3% of fresh vegetables, 46% of live poultry, and 7% of live pigs.

Given the weakened US dollar making US food products more competitive, demand for US products continues to grow.