Hong Kong SAR, China: Chemically Modified Oils Market 2024

Chemically Modified Oils Market Size in Hong Kong SAR, China

In 2022, the Hong Kong chemically modified oils market decreased by -33.4% to $X, falling for the third consecutive year after two years of growth. Over the period under review, consumption showed a deep contraction. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market failed to regain momentum.

Chemically Modified Oils Production in Hong Kong SAR, China

In value terms, chemically modified oils production surged to $X in 2022 estimated in export price. Overall, production, however, showed a deep setback. The growth pace was the most rapid in 2015 when the production volume increased by 60% against the previous year. Chemically modified oils production peaked at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Chemically Modified Oils Exports

Exports from Hong Kong SAR, China

In 2022, the amount of animal or vegetable fats and oils chemically modified exported from Hong Kong SAR rose remarkably to X tons, surging by 5.6% on the previous year. Over the period under review, exports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when exports increased by 54%. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, chemically modified oils exports soared to $X in 2022. In general, total exports indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +8.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +80.2% against 2020 indices. The pace of growth appeared the most rapid in 2013 when exports increased by 64% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

Malaysia (X tons) was the main destination for chemically modified oils exports from Hong Kong SAR, with a 71% share of total exports. Moreover, chemically modified oils exports to Malaysia exceeded the volume sent to the second major destination, Portugal (X tons), sixfold. Spain (X tons) ranked third in terms of total exports with an 8.6% share.

From 2012 to 2022, the average annual growth rate of volume to Malaysia amounted to +101.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Portugal (+36.0% per year) and Spain (-1.9% per year).

In value terms, Malaysia ($X) remains the key foreign market for animal or vegetable fats and oils chemically modified exports from Hong Kong SAR, comprising 68% of total exports. The second position in the ranking was taken by Portugal ($X), with an 11% share of total exports. It was followed by Spain, with a 10% share.

From 2012 to 2022, the average annual growth rate of value to Malaysia amounted to +136.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Portugal (+55.8% per year) and Spain (+3.4% per year).

Export Prices by Country

In 2022, the average chemically modified oils export price amounted to $X per ton, increasing by 26% against the previous year. In general, the export price saw a resilient increase. The growth pace was the most rapid in 2017 when the average export price increased by 51% against the previous year. The export price peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Portugal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+21.4%), while the prices for the other major destinations experienced more modest paces of growth.

Chemically Modified Oils Imports

Imports into Hong Kong SAR, China

In 2022, supplies from abroad of animal or vegetable fats and oils chemically modified decreased by -30.5% to X tons, falling for the third consecutive year after four years of growth. Over the period under review, imports, however, saw a buoyant expansion. The pace of growth appeared the most rapid in 2016 with an increase of 169% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, chemically modified oils imports declined to $X in 2022. Overall, imports, however, saw strong growth. The growth pace was the most rapid in 2018 when imports increased by 105%. Imports peaked at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of chemically modified oils to Hong Kong SAR, accounting for a 58% share of total imports. Moreover, chemically modified oils imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), threefold. Macao SAR (X tons) ranked third in terms of total imports with a 9.7% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +14.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+7.7% per year) and Macao SAR (+27.2% per year).

In value terms, China ($X) constituted the largest supplier of animal or vegetable fats and oils chemically modified to Hong Kong SAR, comprising 58% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 20% share of total imports. It was followed by Vietnam, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +11.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+4.7% per year) and Vietnam (+79.5% per year).

Import Prices by Country

In 2022, the average chemically modified oils import price amounted to $X per ton, with an increase of 28% against the previous year. In general, the import price, however, saw a pronounced setback. The most prominent rate of growth was recorded in 2021 when the average import price increased by 35% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was South Korea ($X per ton), while the price for Macao SAR ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+5.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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