Price for Food Preparations Not Elsewhere Specified or Included in Hong Kong SAR - 2023
Contents:
- Price for Food Preparations Not Elsewhere Specified or Included in Hong Kong SAR (CIF) - 2023
- Price for Food Preparations Not Elsewhere Specified or Included in Hong Kong SAR (FOB) - 2022
- Imports of Food Preparations Not Elsewhere Specified or Included in Hong Kong SAR
- Exports of Food Preparations Not Elsewhere Specified or Included in Hong Kong SAR
Price for Food Preparations Not Elsewhere Specified or Included in Hong Kong SAR (CIF) - 2023
In November 2023, the average import price for food preparations not elsewhere specified or included amounted to $11,756 per ton, waning by -7.1% against the previous month. Over the last twelve-month period, it increased at an average monthly rate of +1.4%. The pace of growth was the most pronounced in February 2023 an increase of 19% m-o-m. Over the period under review, average import prices hit record highs at $13,215 per ton in July 2023; however, from August 2023 to November 2023, import prices remained at a lower figure.
There were significant differences in the average prices amongst the major supplying countries. In November 2023, the country with the highest price was the Netherlands ($40,660 per ton), while the price for Thailand ($2,232 per ton) was amongst the lowest.
From November 2022 to November 2023, the most notable rate of growth in terms of prices was attained by France (+8.9%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for Food Preparations Not Elsewhere Specified or Included in Hong Kong SAR (FOB) - 2022
In 2022, the average export price for food preparations not elsewhere specified or included amounted to $31,893 per ton, with an increase of 3.5% against the previous year. Over the period under review, the export price enjoyed a remarkable increase. The pace of growth was the most pronounced in 2016 when the average export price increased by 63% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in the immediate term.
There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($42,265 per ton), while the average price for exports to Malaysia ($2,925 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+22.5%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of Food Preparations Not Elsewhere Specified or Included in Hong Kong SAR
Imports of food preparations not elsewhere specified or included into Hong Kong SAR amounted to 115K tons in 2022, therefore, remained relatively stable against the previous year's figure. The total import volume increased at an average annual rate of +1.3% over the period from 2019 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 6.5%. Over the period under review, imports of attained the maximum in 2022 and are likely to continue growth in the near future.
In value terms, imports of food preparations not elsewhere specified or included reduced to $1.2B in 2022. The total import value increased at an average annual rate of +6.2% over the period from 2019 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 28%. As a result, imports attained the peak of $1.3B, and then reduced in the following year.
| Import of Food Preparations Not Elsewhere Specified or Included in Hong Kong SAR (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 195 | 225 | 269 | 311 | 16.8% |
| United States | 165 | 165 | 276 | 235 | 12.5% |
| Japan | 87.9 | 128 | 171 | 101 | 4.7% |
| Singapore | 101 | 79.4 | 89.9 | 98.2 | -0.9% |
| Netherlands | 42.0 | 49.9 | 66.3 | 78.4 | 23.1% |
| Taiwan (Chinese) | 50.9 | 47.1 | 53.4 | 53.0 | 1.4% |
| Australia | 109 | 74.5 | 57.0 | 35.6 | -31.1% |
| South Korea | 28.9 | 25.6 | 48.4 | 34.4 | 6.0% |
| Malaysia | 19.7 | 17.5 | 22.8 | 19.8 | 0.2% |
| Thailand | 17.7 | 13.0 | 14.1 | 19.4 | 3.1% |
| Indonesia | 10.7 | 9.3 | 12.3 | 16.0 | 14.4% |
| France | 16.9 | 13.0 | 8.4 | 15.2 | -3.5% |
| Others | 165 | 167 | 206 | 192 | 5.2% |
| Total | 1,010 | 1,014 | 1,294 | 1,209 | 6.2% |
Top Suppliers of Food Preparations Not Elsewhere Specified or Included to Hong Kong SAR in 2022:
- China (45.6K tons)
- Taiwan (Chinese) (10.2K tons)
- United States (10.2K tons)
- Japan (8.8K tons)
- Thailand (7.2K tons)
- Singapore (5.6K tons)
- South Korea (5.1K tons)
- Malaysia (4.9K tons)
- France (2.7K tons)
- Indonesia (2.6K tons)
- Netherlands (2.3K tons)
- Australia (0.7K tons)
Exports of Food Preparations Not Elsewhere Specified or Included in Hong Kong SAR
In 2022, shipments abroad of food preparations not elsewhere specified or included decreased by -7.9% to 27K tons, falling for the second consecutive year after two years of growth. Overall, exports saw a pronounced shrinkage. The most prominent rate of growth was recorded in 2020 with an increase of 2.8%. As a result, the exports attained the peak of 31K tons. From 2021 to 2022, the growth of the exports of remained at a lower figure.
In value terms, exports of food preparations not elsewhere specified or included reduced modestly to $869M in 2022. In general, total exports indicated resilient growth from 2019 to 2022: its value increased at an average annual rate of +17.2% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +60.9% against 2019 indices. The pace of growth was the most pronounced in 2020 when exports increased by 38% against the previous year.
| Export of Food Preparations Not Elsewhere Specified or Included in Hong Kong SAR (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 438 | 670 | 790 | 736 | 18.9% |
| Macao SAR | 63.4 | 43.2 | 60.5 | 61.0 | -1.3% |
| Japan | 4.8 | 7.7 | 29.9 | 24.2 | 71.5% |
| Singapore | 1.8 | 2.7 | 4.7 | 16.8 | 110.5% |
| Malaysia | 3.3 | 3.1 | 2.3 | 3.2 | -1.0% |
| Taiwan (Chinese) | 2.9 | 2.4 | 1.9 | 2.3 | -7.4% |
| Australia | 3.0 | 2.2 | 2.2 | 1.8 | -15.7% |
| United States | 8.7 | 6.7 | 4.2 | 1.2 | -48.3% |
| Others | 14.0 | 10.0 | 17.0 | 23.2 | 18.3% |
| Total | 540 | 748 | 913 | 869 | 17.2% |
Top Export Markets for Food Preparations Not Elsewhere Specified or Included from Hong Kong SAR in 2022:
- China (17.8K tons)
- Macao SAR (4.6K tons)
- Malaysia (1.1K tons)
- Taiwan (Chinese) (0.8K tons)
- Japan (0.6K tons)
- Singapore (0.5K tons)
- Australia (0.3K tons)
- United States (0.2K tons)
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