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Bite size local news, Post reports and activity summaries wrapped by ATO Hong Kong.

On October 16 the Hong Kong Government (HKG) announced a significant reduction in the duty on imported alcoholic beverages with an alcohol content above 30 percent by volume.

This report provides an overview of Italy’s retail food market, outlines market trends, and identifies opportunities for product growth.

Hong Kong’s food retail sales remained stable at $12.2 billion in 2023, however retailers face growing challenges as more budget-minded residents travel to mainland China to save on food purchases, leading to a 4.7 percent decline in food retail sales in the first seven months of 2024.

In 2023, Hong Kong was the tenth export market for U.S. pet food. Pet owners in Hong Kong value U.S. pet food for its high safety and quality and have confidence in U.S. origin and branding.

The Hong Kong market has developed into a dynamic wine export destination since the abolishment of wine tariffs in 2008. The slow recovery of the global economy dampened the city’s global imports of wine in 2023.

The Italian food-processing industry continues to be highly fragmented, characterized by growing consolidation of smaller companies. In 2023, U.S. agricultural exports to Italy were $1.8 billion, while U.S. imports from Italy were $7.4 billion. Italy...

This report gives an overview of the Italian food retail and distribution sectors and outlines current market trends, including best product prospects.

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.

The Italian food-processing industry continues to be highly fragmented, characterized by growing consolidation of smaller companies.

In 2022, Hong Kong was the world’s tenth largest spirits importer, with global imports recovering 7 percent year-on-year and valued at $502 million. From 2020-2021, Hong Kong’s imports and domestic sales of spirits were seriously hampered under the COVID-19 pandemic, as most restaurants, pubs, and bars were closed due to stringent dining, social distancing, and travel restrictions.

Hong Kong is an open market offering good opportunities for U.S. beer exporters. Over the last two years, both beer imports and domestic sales have been stable despite the pandemic. In 2021, Hong Kong’s global beer imports held steady from the previous year at $115 million, making the city the fourteenth largest beer import market in the world. Domestic beer sales recovered 9 percent from 2020 at $732 million.