Price for Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Hong Kong SAR - 2023
Contents:
- Price for Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Hong Kong SAR (CIF) - 2023
- Price for Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Hong Kong SAR (FOB) - 2023
- Imports of Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Hong Kong SAR
- Exports of Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Hong Kong SAR
Price for Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Hong Kong SAR (CIF) - 2023
The average import price for frozen bone-in cuts (excluding carcasses and half-carcasses) of bovine meat stood at $7,035 per ton in November 2023, dropping by -17% against the previous month. In general, the import price continues to indicate a mild setback. The most prominent rate of growth was recorded in June 2023 an increase of 26% month-to-month. The import price peaked at $8,910 per ton in August 2023; however, from September 2023 to November 2023, import prices failed to regain momentum.
There were significant differences in the average prices amongst the major supplying countries. In November 2023, the country with the highest price was Canada ($12,791 per ton), while the price for Argentina ($3,313 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 the Netherlands (+6.8%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Hong Kong SAR (FOB) - 2023
In November 2023, the average export price for frozen bone-in cuts (excluding carcasses and half-carcasses) of bovine meat amounted to $3,336 per ton, dropping by -51.4% against the previous month. Overall, the export price, however, saw a pronounced increase. The growth pace was the most rapid in January 2023 when the average export price increased by 184% against the previous month. The export price peaked at $11,581 per ton in July 2023; however, from August 2023 to November 2023, the export prices remained at a lower figure.
There were significant differences in the average prices for the major overseas markets. In November 2023, the country with the highest price was Macao SAR ($7,775 per ton), while the average price for exports to Vietnam ($1,310 per ton) was amongst the lowest.
From November 2022 to November 2023, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (0.0%), while the prices for the other major destinations experienced a decline.
Imports of Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Hong Kong SAR
In 2022, approx. 7.8K tons of frozen bone-in cuts (excluding carcasses and half-carcasses) of bovine meat were imported into Hong Kong SAR; which is down by -40.4% compared with the previous year. Over the period under review, imports showed a sharp downturn. The smallest decline of -32.9% was in 2020.
In value terms, imports of frozen bone-in cuts (excluding carcasses and half-carcasses) of bovine meat contracted sharply to $60M in 2022. In general, imports showed a significant contraction.
| Import of Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Hong Kong SAR (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United States | 86.4 | 75.8 | 29.5 | 22.9 | -35.8% |
| Canada | 49.9 | 29.7 | 23.4 | 15.5 | -32.3% |
| United Kingdom | 34.9 | 16.6 | 9.0 | 11.0 | -31.9% |
| Brazil | 19.8 | 12.5 | 8.3 | 5.0 | -36.8% |
| Ireland | 28.8 | 11.6 | 9.8 | 1.7 | -61.1% |
| Poland | 3.1 | 3.4 | 2.9 | 1.3 | -25.1% |
| Argentina | 1.1 | 1.1 | 0.9 | 0.8 | -10.1% |
| Netherlands | 2.8 | 3.5 | 0.8 | 0.5 | -43.7% |
| Others | 9.3 | 3.7 | 3.2 | 1.5 | -45.6% |
| Total | 236 | 158 | 87.8 | 60.2 | -36.6% |
Top Suppliers of Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat to Hong Kong SAR in 2022:
- United Kingdom (1823.2 tons)
- Brazil (1798.6 tons)
- United States (1704.6 tons)
- Canada (1221.0 tons)
- Ireland (312.1 tons)
- Argentina (281.0 tons)
- Netherlands (252.0 tons)
- Poland (251.6 tons)
Exports of Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Hong Kong SAR
In 2022, approx. 4.8K tons of frozen bone-in cuts (excluding carcasses and half-carcasses) of bovine meat were exported from Hong Kong SAR; increasing by 219% against the previous year's figure. Overall, exports, however, saw a drastic downturn.
In value terms, exports of frozen bone-in cuts (excluding carcasses and half-carcasses) of bovine meat soared to $13M in 2022. Over the period under review, exports, however, saw a significant decrease. The pace of growth was the most pronounced in 2021 when exports increased by 51% against the previous year.
| Export of Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Hong Kong SAR (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Macao SAR | 10.2 | 5.8 | 8.8 | 7.2 | -11.0% |
| Taiwan (Chinese) | 18.3 | 1.0 | 0.7 | 4.9 | -35.5% |
| Cambodia | N/A | N/A | N/A | 0.3 | 0% |
| South Korea | 2.7 | N/A | 0.6 | 0.1 | -66.7% |
| Vietnam | 9.0 | N/A | 0.4 | N/A | -78.9% |
| Others | 1.3 | 0.2 | N/A | 0.1 | -57.5% |
| Total | 41.6 | 7.0 | 10.5 | 12.6 | -32.8% |
Top Export Markets for Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat from Hong Kong SAR in 2022:
- Taiwan (Chinese) (3919.9 tons)
- Macao SAR (749.5 tons)
- Cambodia (80.3 tons)
- South Korea (24.5 tons)
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