Hong Kong Exporter Guide 2010
U.S. exports of high value food products and seafood to Hong Kong are expected to reach a record level at over US$2 billion in 2010, making it our 5th largest market for these products after Canada, Mexico, Japan and South Korea. The global financial crisis did not have a significant impact on Hong Kong’s food & beverage imports and spending on food. Economic growth in Hong Kong is expected to be around 5% in 2010, benefitting from the continued economic growth in Mainland China. In addition, it is expected that Hong Kong will remain as one of the top 5 markets for U.S. consumer ready food products in 2011, continuing to be a major buying center and transshipment point for China and Southeast Asia. However, rents and wages are on the rise in Hong Kong and inflation may limit Hong Kong’s future economic growth. In addition, Mainland China may take austerity measures to cool down its economy which would then affect Hong Kong’s economic growth prospect. Regardless of the rate of growth, Post expects that U.S. products will continue to fair well due to competitive prices and consumer confidence in the quality and safety of U.S. products. In addition, the Hong Kong dollar link to the U.S. dollar provides much needed foreign exchange stability among food importers.