Hong Kong SAR, China: Agricultural Forestry Machinery Market 2024

Agricultural Forestry Machinery Exports

Exports from Hong Kong SAR, China

In 2022, approx. X units of agricultural forestry machinery (lawn or sportsground rollers) were exported from Hong Kong SAR; waning by -14.1% compared with 2021 figures. Over the period under review, exports, however, posted a significant increase. The most prominent rate of growth was recorded in 2018 with an increase of 816% against the previous year. As a result, the exports attained the peak of X units. From 2019 to 2022, the growth of the exports remained at a lower figure.

In value terms, agricultural forestry machinery exports fell sharply to $X in 2022. Overall, exports, however, recorded a significant expansion. The pace of growth appeared the most rapid in 2018 when exports increased by 726%. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Ireland (X units), the United States (X units) and Macao SAR (X units) were the main destinations of agricultural forestry machinery exports from Hong Kong SAR, with a combined 44% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Ireland (with a CAGR of +61.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for agricultural forestry machinery exported from Hong Kong SAR were Kenya ($X), Macao SAR ($X) and the United States ($X), together accounting for 46% of total exports. Singapore, Ireland, Malaysia, Georgia, Spain, China and the UK lagged somewhat behind, together accounting for a further 40%.

Spain, with a CAGR of +138.2%, saw the highest rates of growth with regard to the value of exports, among 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 2022, the average agricultural forestry machinery export price amounted to $X per unit, which is down by -13.6% against the previous year. Over the period under review, export price indicated tangible growth from 2012 to 2022: its price increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, agricultural forestry machinery export price increased by +10.1% against 2020 indices. The growth pace was the most rapid in 2013 an increase of 34% against the previous year. The export price peaked at $X per unit in 2021, and then reduced in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Kenya ($X per unit), while the average price for exports to Ireland ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+19.8%), while the prices for the other major destinations experienced more modest paces of growth.

Agricultural Forestry Machinery Imports

Imports into Hong Kong SAR, China

Agricultural forestry machinery imports into Hong Kong SAR contracted remarkably to X units in 2022, with a decrease of -29.3% compared with the previous year. Overall, imports, however, recorded a prominent expansion. The pace of growth was the most pronounced in 2013 with an increase of 249%. Over the period under review, imports reached the peak figure at X units in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, agricultural forestry machinery imports contracted notably to $X in 2022. Over the period under review, imports, however, continue to indicate a strong expansion. The pace of growth appeared the most rapid in 2013 when imports increased by 327% against the previous year. Over the period under review, imports reached the maximum at $X in 2016; however, from 2017 to 2022, imports failed to regain momentum.

Imports by Country

The Netherlands (X units), the United States (X units) and the UK (X units) were the main suppliers of agricultural forestry machinery imports to Hong Kong SAR, together accounting for 89% of total imports.

From 2012 to 2022, the biggest increases were recorded for the UK (with a CAGR of +51.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest agricultural forestry machinery suppliers to Hong Kong SAR were the Netherlands ($X), the United States ($X) and the UK ($X), together accounting for 89% of total imports.

The UK, with a CAGR of +78.4%, recorded the highest growth rate of 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 agricultural forestry machinery import price stood at $X per unit in 2022, rising by 2.3% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.8%. The growth pace was the most rapid in 2013 when the average import price increased by 22%. The import price peaked in 2022 and is likely to see gradual growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were the United States ($X per unit) and the Netherlands ($X per unit), while the price for China ($X per unit) and the UK ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+12.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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