October 20, 2006

 

US imported beef ranks high in Hong Kong

 

 

US imports of beef and its products ranked among the major import items into Hong Kong, with a market size of US$167 million (in 2005) and an annual average growth in import value of 6 percent over the past five years, reported the USDA.

 

According to the USDA, US beef was the first choice for high-end restaurants and sophisticated consumers.

 

According to the report, imported meat in Hong Kong at retail was mainly sold through supermarkets. Total retail sales of food and drinks over 2005 reached US$6.4 billion, up 6 percent in 2004. It further went up by 6.3 percent over the January to August 2006 period, compared with the same period last year.

 

Nonetheless, the Hong Kong hotel, restaurant and institutional (HRI) sector, which generally served high value imported beef, had been strong for the first half of the current year, with restaurant receipts 10 percent higher (to US$3.9 billion) than the same period last year.

 

This sector could grow further next year as a result of steady economic growth with burgeoning tourism, and rising stock and property markets.

 

Hong Kong only accepts boneless beef derived from animals less than 30 months of age from the US and restricts US bone in beef and offal. As a result, US beef currently account for just 1 percent of total beef imports.

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