HK 2014 Pork Market Forecast to be Comparable to 201319 July 2013
HONG KONG - Hong Kong’s 2014 pork market is forecast to be comparable to 2013 following some disruptions in 2011 and 2012 caused by high pork prices in China.
According to the USDA's China has an influencing role on Hong Kong’s pork market as it is the largest supplier of muscle cuts and the sole foreign supplier of live pigs.
Hong Kong’s 2013 pork market in the areas of production, consumption and trade has been much affected by the increased pork supply and lower prices in China.
As a result of production cycle after a very tight supply in 2011 and early 2012, pig production in China in 2013 has increased as evidenced by the lowering consumer price of pork (-4.6% YOY in January – May 2013).
On the production front, Hong Kong’s slaughtered number of pigs in 2014 is expected to reach over 1.7 million head with a daily average of about 4,700 head.
The production level will probably remain stable following an estimated 5 per cent rise in 2013, which is made possible by the sufficient supply of live pigs to Hong Kong from China.
China supplies about 94 per cent of live pigs to Hong Kong with the remaining 6 per cent supplied locally.
Pork consumption in 2014 is projected to rise very modestly by one per cent. Hong Kong consumers still have a strong preference for freshly slaughtered pork while the majority of catering industry is using chilled/frozen pork.
However, given the more economical prices and convenience of chilled/frozen pork, household consumers have been buying increasingly more chilled/frozen pork at the expense of chilled/frozen pork.
In the area of trade, Hong Kong’s pork imports are projected to reach 368,000 MT in 2014, with a modest rise of 2 per cent from 2013. Buoyant inbound tourism and economy help boost trade.
When the re-export factor is excluded, Hong Kong’s pork market is very stable with no major disruptions.
You can view the USDA GAIN: Hong Kong Livestock and Products Annual 2013 report by clicking here.
TheMeatSite News Desk