Hong Kong SAR, China: Accordion Market 2024

Accordion Market Size in Hong Kong SAR, China

The Hong Kong accordion market skyrocketed to $X in 2021, growing by 35% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption showed a prominent increase. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Accordion Exports

Exports from Hong Kong SAR, China

In 2021, overseas shipments of accordions and mouth organs increased by 42% to X units for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports, however, saw a pronounced slump. The pace of growth was the most pronounced in 2016 when exports increased by 93% against the previous year. Over the period under review, the exports hit record highs at X units in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, accordion exports surged to $X in 2021. In general, exports showed a temperate increase. The most prominent rate of growth was recorded in 2016 when exports increased by 91% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X units), China (X units) and Belgium (X units) were the main destinations of accordion exports from Hong Kong SAR, with a combined 51% share of total exports. Taiwan (Chinese), Macao SAR, Australia, the UK, Japan, France and Italy lagged somewhat behind, together accounting for a further 40%.

From 2012 to 2021, the biggest increases were recorded for Macao SAR (with a CAGR of +28.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), China ($X) and Belgium ($X) appeared to be the largest markets for accordion exported from Hong Kong SAR worldwide, together comprising 51% of total exports. Taiwan (Chinese), Macao SAR, Australia, the UK, Japan, France and Italy lagged somewhat behind, together accounting for a further 40%.

Macao SAR, with a CAGR of +36.3%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average accordion export price amounted to $X per unit, growing by 8.4% against the previous year. In general, export price indicated a buoyant expansion from 2012 to 2021: its price increased at an average annual rate of +6.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, accordion export price decreased by -5.8% against 2019 indices. The most prominent rate of growth was recorded in 2014 when the average export price increased by 57% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably for the major foreign markets. In 2021, amid the top suppliers, the countries with the highest prices were the UK ($X per unit) and France ($X per unit), while the average price for exports to Macao SAR ($X per unit) and the United States ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+6.6%), while the prices for the other major destinations experienced more modest paces of growth.

Accordion Imports

Imports into Hong Kong SAR, China

In 2021, the amount of accordions and mouth organs imported into Hong Kong SAR soared to X units, rising by 17% on the year before. Over the period under review, imports posted measured growth. The most prominent rate of growth was recorded in 2014 when imports increased by 72% against the previous year. Imports peaked at X units in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, accordion imports skyrocketed to $X in 2021. Overall, imports recorded a resilient increase. The most prominent rate of growth was recorded in 2014 when imports increased by 80% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China (X units), France (X units) and Japan (X units) were the main suppliers of accordion imports to Hong Kong SAR, with a combined 57% share of total imports. Singapore, Germany, Taiwan (Chinese), the United States and Vietnam lagged somewhat behind, together comprising a further 35%.

From 2012 to 2021, the biggest increases were recorded for Singapore (with a CAGR of +50.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest accordion suppliers to Hong Kong SAR were China ($X), France ($X) and Japan ($X), with a combined 57% share of total imports. These countries were followed by Singapore, Germany, Taiwan (Chinese), the United States and Vietnam, which together accounted for a further 35%.

Singapore, with a CAGR of +62.6%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average accordion import price stood at $X per unit in 2021, with an increase of 17% against the previous year. Over the period under review, import price indicated a strong expansion from 2012 to 2021: its price increased at an average annual rate of +6.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, accordion import price increased by +68.9% against 2012 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were Taiwan (Chinese) ($X per unit) and the United States ($X per unit), while the price for China ($X per unit) and Singapore ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+18.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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