Hong Kong SAR, China: Twine Product Market 2024

Twine Product Market Size in Hong Kong SAR, China

The Hong Kong twine product market fell to $X in 2022, waning by -14.7% against the previous year. In general, consumption, however, showed a measured increase. Over the period under review, the market reached the maximum level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Twine Product Production in Hong Kong SAR, China

In value terms, twine product production declined markedly to $X in 2022 estimated in export price. Overall, production faced a abrupt setback. The most prominent rate of growth was recorded in 2016 when the production volume increased by 66%. As a result, production reached the peak level of $X. From 2017 to 2022, production growth remained at a lower figure.

Twine Product Exports

Exports from Hong Kong SAR, China

Twine product exports from Hong Kong SAR dropped dramatically to X tons in 2022, shrinking by -52.6% compared with 2021. Overall, exports faced a deep slump. The most prominent rate of growth was recorded in 2017 with an increase of 34%. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, twine product exports fell remarkably to $X in 2022. Over the period under review, exports saw a abrupt contraction. The pace of growth was the most pronounced in 2017 with an increase of 44%. Over the period under review, the exports attained the peak figure at $X in 2021, and then fell significantly in the following year.

Exports by Country

Vietnam (X tons), China (X tons) and the United States (X tons) were the main destinations of twine product exports from Hong Kong SAR, with a combined 44% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +43.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X) remains the key foreign market for articles of twine, cordage, rope or cables exports from Hong Kong SAR, comprising 43% of total exports. The second position in the ranking was taken by China ($X), with an 8.7% share of total exports. It was followed by Turkey, with an 8.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Vietnam totaled +36.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-9.4% per year) and Turkey (+14.2% per year).

Export Prices by Country

In 2022, the average twine product export price amounted to $X per ton, falling by -57.7% against the previous year. Over the period under review, the export price, however, showed a buoyant increase. The growth pace was the most rapid in 2018 when the average export price increased by 68% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2021, and then reduced dramatically in the following year.

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 Vietnam ($X per ton), while the average price for exports to the United States ($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 Italy (+2.0%), while the prices for the other major destinations experienced mixed trend patterns.

Twine Product Imports

Imports into Hong Kong SAR, China

In 2022, purchases abroad of articles of twine, cordage, rope or cables decreased by -47% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, imports showed a deep slump. The growth pace was the most rapid in 2017 when imports increased by 55% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, twine product imports shrank slightly to $X in 2022. In general, imports, however, showed a tangible increase. The growth pace was the most rapid in 2021 with an increase of 44%. As a result, imports reached the peak of $X, leveling off in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of twine product to Hong Kong SAR, accounting for a 81% share of total imports. Moreover, twine product imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), more than tenfold. The third position in this ranking was held by the United States (X tons), with a 3.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at -8.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+20.0% per year) and the United States (+5.2% per year).

In value terms, China ($X) constituted the largest supplier of articles of twine, cordage, rope or cables to Hong Kong SAR, comprising 62% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 12% share of total imports. It was followed by the United States, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +1.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+20.2% per year) and the United States (+11.6% per year).

Import Prices by Country

The average twine product import price stood at $X per ton in 2022, picking up by 87% against the previous year. Over the period under review, the import price continues to indicate a prominent increase. The pace of growth appeared the most rapid in 2021 an increase of 149%. Over the period under review, average import prices reached the peak figure in 2022 and is likely to see gradual growth in the near future.

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 the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+22.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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