Price for Frozen Boneless Cuts of Bovine Meat in Hong Kong SAR - 2023
Contents:
- Price for Frozen Boneless Cuts of Bovine Meat in Hong Kong SAR (CIF) - 2023
- Price for Frozen Boneless Cuts of Bovine Meat in Hong Kong SAR (FOB) - 2023
- Imports of Frozen Boneless Cuts of Bovine Meat in Hong Kong SAR
- Exports of Frozen Boneless Cuts of Bovine Meat in Hong Kong SAR
Price for Frozen Boneless Cuts of Bovine Meat in Hong Kong SAR (CIF) - 2023
The average import price for frozen boneless cuts of bovine meat stood at $8,544 per ton in November 2023, approximately reflecting the previous month. Over the period under review, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in June 2023 when the average import price increased by 12% m-o-m. As a result, import price attained the peak level of $8,644 per ton. From July 2023 to November 2023, the average import prices failed to regain momentum.
Prices varied noticeably by the country of origin: the country with the highest price was Japan ($32,634 per ton), while the price for India ($2,451 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 Canada (+1.6%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for Frozen Boneless Cuts of Bovine Meat in Hong Kong SAR (FOB) - 2023
The average export price for frozen boneless cuts of bovine meat stood at $5,745 per ton in November 2023, approximately equating the previous month. Over the period under review, the export price saw a resilient expansion. The most prominent rate of growth was recorded in March 2023 when the average export price increased by 112% month-to-month. As a result, the export price reached the peak level of $6,202 per ton. From April 2023 to November 2023, the the average export prices remained at a somewhat lower figure.
There were significant differences in the average prices for the major export markets. In November 2023, the country with the highest price was South Korea ($20,705 per ton), while the average price for exports to Vietnam ($2,195 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 South Korea (+26.4%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of Frozen Boneless Cuts of Bovine Meat in Hong Kong SAR
In 2022, approx. 82K tons of frozen boneless cuts of bovine meat were imported into Hong Kong SAR; waning by -65.8% against 2021. Over the period under review, imports continue to indicate a precipitous slump. The smallest decline of -5.8% was in 2020.
In value terms, imports of frozen boneless cuts of bovine meat declined rapidly to $600M in 2022. In general, imports recorded a precipitous descent. The pace of growth appeared the most rapid in 2020 with an increase of 7.6%. As a result, imports attained the peak of $1.5B. From 2021 to 2022, the growth of imports of remained at a somewhat lower figure.
| Import of Frozen Boneless Cuts of Bovine Meat in Hong Kong SAR (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United States | 530 | 452 | 351 | 250 | -22.2% |
| Brazil | 657 | 753 | 613 | 198 | -33.0% |
| China | 21.0 | 20.7 | 22.3 | 19.5 | -2.4% |
| Canada | 61.5 | 45.1 | 36.9 | 19.3 | -32.0% |
| Australia | 12.3 | 19.7 | 22.1 | 18.9 | 15.4% |
| New Zealand | 13.3 | 14.7 | 19.7 | 17.5 | 9.6% |
| United Kingdom | 15.7 | 18.2 | 18.0 | 11.9 | -8.8% |
| Mexico | 30.1 | 27.3 | 30.3 | 11.8 | -26.8% |
| India | 4.2 | 63.4 | 69.1 | 2.0 | -21.9% |
| Others | 55.4 | 92.4 | 97.1 | 50.6 | -3.0% |
| Total | 1,400 | 1,506 | 1,280 | 600 | -24.6% |
Top Suppliers of Frozen Boneless Cuts of Bovine Meat to Hong Kong SAR in 2022:
- Brazil (44.3K tons)
- United States (19.7K tons)
- China (2.9K tons)
- Canada (2.2K tons)
- Mexico (2.2K tons)
- United Kingdom (1.9K tons)
- New Zealand (1.9K tons)
- Australia (1.4K tons)
- India (0.6K tons)
Exports of Frozen Boneless Cuts of Bovine Meat in Hong Kong SAR
In 2022, approx. 40K tons of frozen boneless cuts of bovine meat were exported from Hong Kong SAR; rising by 105% against 2021. Overall, exports, however, faced a deep contraction.
In value terms, exports of frozen boneless cuts of bovine meat surged to $111M in 2022. In general, exports, however, showed a dramatic decrease. The growth pace was the most rapid in 2021 when exports increased by 56%.
| Export of Frozen Boneless Cuts of Bovine Meat in Hong Kong SAR (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Macao SAR | 37.8 | 29.9 | 38.1 | 35.3 | -2.3% |
| Taiwan (Chinese) | 41.7 | 11.8 | 11.6 | 34.5 | -6.1% |
| Brazil | N/A | N/A | N/A | 17.2 | 0% |
| South Korea | 21.3 | 3.2 | 3.2 | 7.5 | -29.4% |
| China | N/A | N/A | 0.1 | 4.0 | 3900.0% |
| Vietnam | 133 | 5.4 | 26.0 | 3.8 | -69.4% |
| Albania | N/A | N/A | N/A | 2.6 | 0% |
| Others | 1.0 | 0.5 | 0.3 | 5.7 | 78.6% |
| Total | 235 | 50.9 | 79.2 | 111 | -22.1% |
Top Export Markets for Frozen Boneless Cuts of Bovine Meat from Hong Kong SAR in 2022:
- Taiwan (Chinese) (18.4K tons)
- Brazil (7.8K tons)
- Macao SAR (4.9K tons)
- South Korea (3.3K tons)
- China (1.6K tons)
- Vietnam (1.4K tons)
- Albania (1.0K tons)
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