Capacitor Exports From Hong Kong Fall Significantly to $4.6B in 2023

Hong Kong Capacitor Exports

In 2023, overseas shipments of electrical capacitors decreased by -25.5% to 36M units for the first time since 2019, thus ending a three-year rising trend. In general, exports saw a noticeable downturn. The most prominent rate of growth was recorded in 2020 with an increase of 13%. Over the period under review, the exports reached the peak figure at 60M units in 2014; however, from 2015 to 2023, the exports failed to regain momentum.

In value terms, capacitor exports dropped dramatically to $4.6B (IndexBox estimates) in 2023. Overall, total exports indicated tangible growth from 2013 to 2023: its value increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports decreased by -29.3% against 2021 indices. The growth pace was the most rapid in 2018 when exports increased by 54%. As a result, the exports reached the peak of $6.6B. From 2019 to 2023, the growth of the exports remained at a somewhat lower figure.

Exports by Country

China (25M units) was the main destination for capacitor exports from Hong Kong, accounting for a 70% share of total exports. Moreover, capacitor exports to China exceeded the volume sent to the second major destination, India (1.8M units), more than tenfold. Vietnam (1.4M units) ranked third in terms of total exports with a 3.9% share.

From 2013 to 2023, the average annual growth rate of volume to China totaled -5.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+16.0% per year) and Vietnam (+6.4% per year).

In value terms, China ($3.4B) remains the key foreign market for electrical capacitors exports from Hong Kong, comprising 74% of total exports. The second position in the ranking was held by Vietnam ($206M), with a 4.5% share of total exports. It was followed by India, with a 4.3% share.

From 2013 to 2023, the average annual rate of growth in terms of value to China stood at +1.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+18.7% per year) and India (+22.5% per year).

Exports by Type

Electrical capacitors; fixed, aluminium electrolytic (16M units), electrical capacitors; fixed, ceramic dielectric, multilayer (11M units) and electrical capacitors; fixed, dielectric of paper or plastics (5.7M units) were the main products of capacitor exports from Hong Kong, with a combined 92% share of total exports. Electrical capacitors; fixed, n.e.s. in heading no. 8532, electrical capacitors; fixed, tantalum, electrical capacitors; fixed, ceramic dielectric, single layer, electrical capacitors; fixed, designed for use in 50/60 hz circuits and having a reactive power handling capacity of not less than 0.5 kVAr (power capacitors) and variable capacitors lagged somewhat behind, together accounting for a further 7.7%.

From 2013 to 2023, the most notable rate of growth in terms of shipments, amongst the major product types, was attained by electrical capacitors; fixed, designed for use in 50/60 hz circuits and having a reactive power handling capacity of not less than 0.5 kVAr (power capacitors) (with a CAGR of +8.7%), while the other products experienced mixed trend patterns.

In value terms, electrical capacitors; fixed, ceramic dielectric, multilayer ($2.9B) remains the largest type of electrical capacitors exported from Hong Kong, comprising 63% of total exports. The second position in the ranking was held by electrical capacitors; fixed, aluminium electrolytic ($748M), with a 16% share of total exports. It was followed by electrical capacitors; fixed, tantalum, with a 9.1% share.

From 2013 to 2023, the average annual growth rate of the value of electrical capacitors; fixed, ceramic dielectric, multilayer exports totaled +6.2%. With regard to the other exported products, the following average annual rates of growth were recorded: electrical capacitors; fixed, aluminium electrolytic (-1.1% per year) and electrical capacitors; fixed, tantalum (+0.4% per year).

Export Prices by Country

In 2023, the capacitor price stood at $130 per unit (FOB, Hong Kong), rising by 12% against the previous year. Overall, the export price recorded resilient growth. The pace of growth was the most pronounced in 2018 an increase of 50% against the previous year. As a result, the export price attained the peak level of $151 per unit. From 2019 to 2023, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2023, amid the top suppliers, the country with the highest price was Vietnam ($147 per unit), while the average price for exports to Mexico ($79 per unit) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+11.6%), while the prices for the other major destinations experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform