February 29, 2008

Hong Kong beef market rivaled by Brazil, US

Hong Kong beef imports surged 18 percent on-year in 2007 to reach 64,992 tonnes swt, with US imports growing by 315 percent at 6,885 tonnes swt and Brazil imports up by 22 percent at 32,443 tonnes swt.

Hong Kong's import volume last year marked the highest in seven years. The highest volume for the past seven years.

Beef imports from China, Canada and Argentina remained steady in 2007, with around 93 percent of the products imported as frozen.

Reportedly, a significant portion of the frozen beef imports were re-exported to mainland China.

Hong Kong imported 2,470 tonnes swt of New Zealand beef last year, an increase of 7 percent on-year.

Imports from Australia fell 10 percent, to 2,791 tonnes swt, accounting for only 4 percent of total beef imports.

Australian beef weakened during 2007 as the Australian dollar grew by 12 percent, which influenced prices and demand for the product.

Australia remains the dominant supplier of high valued chilled beef to Hong Kong, at 1,797 tonnes swt, accounting for 40 percent of total chilled imported beef.

Notedly, imports of chilled Brazilian beef also improved significantly, jumping 111 percent during 2007, to 1,134 tonnes swt, 25 percent of the total chilled imports.