Hong Kong: Retail Foods Annual

Despite a small population of 7.3 million people, Hong Kong is the tenth-largest export market for U.S. consumer-ready agricultural products. Hong Kong has always been an attractive market for innovative U.S. food and beverage products as well as a gateway to the region. In 2022, Hong Kong’s food retail sales remained relatively stable at $12 billion. For the first four months of 2023, food retail sales declined 4 percent to $4.01 billion compared to the same period in 2022. Nonetheless, as consumption is set to pick up stimulated by both the local community and inbound tourism, Hong Kong’s economy is expected to continue improving in the latter half of 2023. Current government estimates forecast the city’s economy will grow between 3.5 – 5.5 percent in 2023.