In November 2023, Hong Kong Witnessed a 5% Increase in Its Export Value of $43M for Woven Fabrics.

Hong Kong Narrow Woven Fabric Exports

Narrow woven fabric exports from Hong Kong rose markedly to 1.4K tons in November 2023, with an increase of 11% compared with October 2023 figures. Overall, exports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in March 2023 with an increase of 56% against the previous month. As a result, the exports reached the peak of 1.5K tons. From April 2023 to November 2023, the growth of the exports remained at a lower figure.

In value terms, narrow woven fabric exports expanded markedly to $43M (IndexBox estimates) in November 2023. Over the period under review, exports showed a relatively flat trend pattern. The pace of growth was the most pronounced in March 2023 with an increase of 40% m-o-m. As a result, the exports attained the peak of $52M. From April 2023 to November 2023, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Vietnam (298 tons), Bangladesh (191 tons) and Indonesia (142 tons) were the main destinations of narrow woven fabric exports from Hong Kong, with a combined 47% share of total exports. These countries were followed by Cambodia, China, Sri Lanka and India, which together accounted for a further 27%.

From November 2022 to November 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Cambodia (with a CAGR of +3.2%), while the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($10M) remains the key foreign market for narrow woven fabric exports from Hong Kong, comprising 24% of total exports. The second position in the ranking was held by Indonesia ($4.6M), with an 11% share of total exports. It was followed by Bangladesh, with a 9.4% share.

From November 2022 to November 2023, the average monthly rate of growth in terms of value to Vietnam was relatively modest. Exports to the other major destinations recorded the following average monthly rates of exports growth: Indonesia (+0.8% per month) and Bangladesh (-1.5% per month).

Exports by Type

Fabrics; narrow woven, other than goods of heading no. 5807; narrow fabrics consisting of warp without weft assembled by means of an adhesive (bolducs) (999 tons) was the largest type of narrow woven fabric exported from Hong Kong, accounting for a 74% share of total exports. Moreover, fabrics; narrow woven, other than goods of heading no. 5807; narrow fabrics consisting of warp without weft assembled by means of an adhesive (bolducs) exceeded the volume of the second product type, labels, badges and similar articles; of textile materials, in the piece, in strips or cut to shape or size, not embroidered (343 tons), threefold.

From November 2022 to November 2023, the average monthly rate of growth in terms of the volume of export of fabrics; narrow woven, other than goods of heading no. 5807; narrow fabrics consisting of warp without weft assembled by means of an adhesive (bolducs) was relatively modest. With regard to the other exported products, the following average monthly rates of growth were recorded: labels, badges and similar articles; of textile materials, in the piece, in strips or cut to shape or size, not embroidered (+0.2% per month) and braids in the piece; ornamental trimmings in the piece, without embroidery, other than knitted or crocheted; tassels, pompons and similar articles (-0.1% per month).

In value terms, labels, badges and similar articles; of textile materials, in the piece, in strips or cut to shape or size, not embroidered ($22M), fabrics; narrow woven, other than goods of heading no. 5807; narrow fabrics consisting of warp without weft assembled by means of an adhesive (bolducs) ($21M) and braids in the piece; ornamental trimmings in the piece, without embroidery, other than knitted or crocheted; tassels, pompons and similar articles ($378K) were the most exported types of narrow woven fabrics from Hong Kong worldwide.

Among the main product categories, fabrics; narrow woven, other than goods of heading no. 5807; narrow fabrics consisting of warp without weft assembled by means of an adhesive (bolducs), with a CAGR of +0.9%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other products experienced mixed trend patterns.

Export Prices by Country

In November 2023, the narrow woven fabric price amounted to $32,032 per ton (FOB, Hong Kong), waning by -4.8% against the previous month. Overall, the export price recorded a relatively flat trend pattern. The growth pace was the most rapid in February 2023 an increase of 16% month-to-month. As a result, the export price attained the peak level of $39,051 per ton. From March 2023 to November 2023, the the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In November 2023, the country with the highest price was Thailand ($57,298 per ton), while the average price for exports to Jordan ($19,707 per ton) was amongst the lowest.

From November 2022 to November 2023, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (+4.4%), while the prices for the other major destinations experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform