Policy & Politics
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Hong Kong Is Fastest Growing Export Market
Hong Kong is the fourth-largest market for U.S. food and beverage exports, which have grown by 15 percent this year. This represents the fastest growth among all export markets globally, according to a report by USDA’S Foreign Agricultural Service. In the report released earlier this month, FAS noted that the Hong Kong market is valued at $1.4 billion, the beneficiary of a weakened U.S. dollar, which makes U.S. food products more competitively priced overseas. Red meat and poultry are among the top prospects for export to Hong Kong; many of those exports are then re-exported to mainland China. In Hong Kong, U.S. products also have been boosted by health and safety concerns due to "food scares from neighboring countries," the report said. U.S. food products, organic, health foods and gourmet products are well-known in Hong Kong for their high quality and are therefore likely to enjoy more opportunities as Hong Kong consumers are becoming more health and safety conscious, the report said. The full report is available here.