Hong Kong SAR, China: Almond Market 2024

Almond Market Size in Hong Kong SAR, China

In 2021, the Hong Kong almond market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption enjoyed a significant increase. Almond consumption peaked at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Almond Production in Hong Kong SAR, China

In value terms, almond production totaled $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.7% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when the production volume increased by 50% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2021, production growth remained at a somewhat lower figure.

Almond Exports

Exports from Hong Kong SAR, China

In 2021, overseas shipments of almonds were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports, however, saw a precipitous decrease. The most prominent rate of growth was recorded in 2016 with an increase of 62% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, almond exports skyrocketed to $X in 2021. In general, exports, however, recorded a deep slump. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for almond exports from Hong Kong SAR, accounting for a 90% share of total exports. Moreover, almond exports to China exceeded the volume sent to the second major destination, Vietnam (X tons), more than tenfold. India (X tons) ranked third in terms of total exports with a 2.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China totaled +12.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-40.5% per year) and India (-17.3% per year).

In value terms, China ($X) remains the key foreign market for almond exports from Hong Kong SAR, comprising 93% of total exports. The second position in the ranking was held by Vietnam ($X), with a 3.3% share of total exports. It was followed by India, with a 2.2% share.

From 2012 to 2021, the average annual growth rate of value to China amounted to +17.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-41.2% per year) and India (-19.1% per year).

Export Prices by Country

The average almond export price stood at $X per ton in 2021, surging by 10% against the previous year. Over the last nine years, it increased at an average annual rate of +5.9%. The most prominent rate of growth was recorded in 2017 when the average export price increased by 28% against the previous year. The export price peaked in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was China ($X per ton), while the average price for exports to Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+8.5%), while the prices for the other major destinations experienced more modest paces of growth.

Almond Imports

Imports into Hong Kong SAR, China

After two years of decline, supplies from abroad of almonds increased by 70% to X tons in 2021. In general, imports, however, faced a drastic downturn. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, almond imports skyrocketed to $X in 2021. Overall, imports, however, showed a abrupt curtailment. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, the United States (X tons) was the main almond supplier to Hong Kong SAR, accounting for a 94% share of total imports. Moreover, almond imports from the United States exceeded the figures recorded by the second-largest supplier, Canada (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States stood at -16.8%.

In value terms, the United States ($X) constituted the largest supplier of almond to Hong Kong SAR, comprising 94% of total imports. The second position in the ranking was taken by Canada ($X), with a 6.2% share of total imports.

From 2012 to 2021, the average annual growth rate of value from the United States amounted to -15.0%.

Import Prices by Country

The average almond import price stood at $X per ton in 2021, surging by 22% against the previous year. Overall, import price indicated pronounced growth from 2012 to 2021: its price increased at an average annual rate of +2.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, almond import price decreased by -33.8% against 2015 indices. The most prominent rate of growth was recorded in 2014 when the average import price increased by 33%. Over the period under review, average import prices attained the peak figure at $X per ton in 2015; however, from 2016 to 2021, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, the country with the highest price was Canada ($X per ton), while the price for the United States totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+2.2%).

Source: IndexBox Platform

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