Dr. Jeongbin Im
Department of Agricultural Economics and Rural Development
College of Agricultural and Life Science
Seoul National University
The Ministry of Agriculture, Food and Rural Affairs (MAFRA) announced the set up of a Korean booth and its in the 2014 Food Expo in Hong Kong from August 14th to 16th in order to expand opportunities for Korea to enter the Hong Kong market. Hong Kong is important in its role as the gateway to the broader Chinese market.
The 2014 Food Expo is in its 25th year and is the biggest event in Hong Kong to display fresh produce, meat, dairy products, fisheries and beverages. There were 1,180 exporters from 26 countries meeting around 20,000 buyers from 65 nations.
Hong Kong is a business-friendly city with both western and eastern cultures. The city has now improved brand awareness due to the Korean Wave or Hallyu and positive image of safe and high quality foods. Hong Kong is now one of Korea’s major markets for agricultural produce, importing strawberries and other fruits, mushrooms, dairy products, ginseng, chicken and noodles. Korea's exports to Hong Kong in 2013 amounted to of USD 350 million, which is an increase of 28.7% over 2012. As of the end of July of this year, the exports volume is USD 220 million and that is increased by 10% year on year. Korea's exports to Hong Kong have continuously increased from USD 274 million in 2011 to 346 million in 2013. Major exporting items toward Hong Kong include ginseng, strawberries, ramen, kimchi and pork.
This year, there are various kinds of ramen with unique tastes like 'hot and spicy chicken’ or ‘buldak' and 'cheese'. Also, kimchi made its entry into premium supermarkets like City Super. An official at MAFRA said, “Hong Kong plays its role as test bed of broader Chinese and Southeast Asian markets. Therefore it is the most efficient market to secure synergy effects to expand the boost of exporting to its neighboring countries. Through the upcoming Korean-Food Fair this coming November, we plan to build a more friendly image of Korean produce for consumers in Hong Kong."
Date submitted: August 30, 2014
Reviewed, edited and uploaded: September 4, 2014