US cherries sold in the SAR in August were around 10% cheaper than last summer.
The brewing US-China trade war is bringing an unexpectedly positive news for the embattled local market as Hong Kong increasingly emerges as an attractive option for US exporters seeking alternative ways to sell food and fruits, reports South China Morning Post.
Also read: Trade war could cut 1% of Hong Kong GDP
Amongst the spillover effects of escalating tensions between the US and China may push US exporters to explore markets they haven’t paid much attention previously and Hong Kong is one such market, SCMP added.
In fact, American cherries sold in Hong Kong in August were around 10-20% cheaper than last year’s summer haul.
Significant investment into air, road and rail infrastructure is also expected to boost Hong Kong’s role as Asia’s food and beverage trading hub with Hong Kong and China combined accounting for an estimated US$3.1b annually.
“Seen as a trendsetter for other markets in Asia, Hong Kong has excellent financial, legal and logistics infrastructure and is a major facilitator of trade within the region,” said Jeffrey Williamson, Director, California State Trade Expansion Program (STEP).
“Today, Hong Kong is considered a lead market for Californian food exporters who are entering Asia or expanding their business in the region,” he added.
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