Hong Kong was the fourth-largest market for U.S. food and beverage exports at the end of a year in which those exports grew by 15%. USDA says that's the fastest growth among all export markets globally. USDA's Foreign Agricultural Service's Global Agricultural Information Network released the report earlier this month noting that the Hong Kong market is valued at $1.4 billion. That number is supported by 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. Red meat import value is expected to drop due to lower prices and demand for cheaper cuts. At the same time, poultry is a cheaper source of protein, and so the agency expects poultry imports will rise in 2010.
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