ThePigSite.com - news, features, articles and disease information for the swine industry

USDA GAIN: Livestock and Products


06 October 2014

USDA GAIN: Hong Kong Livestock and Products Annual 2014USDA GAIN: Hong Kong Livestock and Products Annual 2014

Weakening demand and high prices lower total import expectations for pork products to 340,000 MT and 350,000 MT in 2014 and 2015, respectively, from 399,000 MT in 2013. Taking re-exports into consideration, Hong Kong imported $87 million or 29,538 MT (product weight) of U.S. pork products in 2013. Offal imports continue to show a strong growth trend topping $146 million in 2013 and expected to grow over 30 percent in 2014 (table 7).

USDA GAIN: Livestock and Products

Economic indicators, including GDP forecasts and restaurant receipts, forecast weaker domestic demand in 2014 compared to 2013, resulting in a 15 percent year on year decline in total pork imports.

Economic recovery over the next twelve months might see trade recover to 350,000MT but fall short of the 399,000MT achieved in 2013. In 2013, Hong Kong imported $87 million of US pork products, which, taking re-exports into account, made it the 7th largest market, by both value and volume, for US pork.

Hong Kong imported $146 million of pork offals in 2013. Competitive pricing from Chinese and Brazilian sources lowers prospects for US imports in the future. In terms of carcass weight with re-exports excluded, US pork products will probably drop to 22,000 MT in 2014, down 21 percent from 2013, as China’s price advantage erodes US market share.

Similarly, weakening catering activity and reduced domestic demand draw forecast predictions for pork consumption down to 478,000 MT and 490,000 MT in 2014 and 2015 respectively, from a consumption level of 534,000 MT in 2013.

About 31 percent of pork consumed in Hong Kong is freshly slaughtered and destined for home consumption. Although consumption of chilled/frozen pork is expected to decline due to sluggish demand in restaurant and catering sectors, demand for fresh pork will remain strong due to plentiful supply of low-priced Chinese product and high-priced fresh chicken and beef.

 

DOWNLOAD REPORT:- Download this report here

Our Sponsors

Partners


Seasonal Picks

The Commuter Pig Keeper - 5m Books