Hong Kong SAR, China: Ball Bearing Market 2024

Ball Bearing Market Size in Hong Kong SAR, China

In 2021, the Hong Kong ball bearing market decreased by -21% to $X, falling for the third consecutive year after three years of growth. Over the period under review, consumption saw a noticeable decline. Ball bearing consumption peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Ball Bearing Exports

Exports from Hong Kong SAR, China

In 2021, overseas shipments of ball bearings increased by 29% to X tons, rising for the second consecutive year after six years of decline. In general, exports, however, showed a slight decline. Over the period under review, the exports attained the maximum at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, ball bearing exports surged to $X in 2021. Over the period under review, total exports indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +2.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +48.3% against 2019 indices. The pace of growth was the most pronounced in 2013 when exports increased by 41% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for ball bearing exports from Hong Kong SAR, accounting for a 86% share of total exports. Moreover, ball bearing exports to China exceeded the volume sent to the second major destination, Taiwan (Chinese) (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to China totaled -1.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+6.6% per year) and Singapore (-1.8% per year).

In value terms, China ($X) remains the key foreign market for ball bearings exports from Hong Kong SAR, comprising 86% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 4.6% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to China stood at +2.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+10.2% per year) and Singapore (+1.5% per year).

Export Prices by Country

The average ball bearing export price stood at $X per ton in 2021, with an increase of 6.1% against the previous year. Over the last nine-year period, it increased at an average annual rate of +3.4%. The pace of growth was the most pronounced in 2018 an increase of 16%. The export price peaked in 2021 and is expected to retain growth in years to come.

Average prices varied noticeably for the major foreign markets. In 2021, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to Singapore ($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) (+3.4%), while the prices for the other major destinations experienced more modest paces of growth.

Ball Bearing Imports

Imports into Hong Kong SAR, China

In 2021, overseas purchases of ball bearings increased by 4.6% to X tons for the first time since 2017, thus ending a three-year declining trend. Over the period under review, imports, however, showed a slight decline. The pace of growth appeared the most rapid in 2014 when imports increased by 20% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports remained at a lower figure.

In value terms, ball bearing imports soared to $X in 2021. In general, imports, however, recorded a mild decrease. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

Thailand (X tons), Japan (X tons) and Singapore (X tons) were the main suppliers of ball bearing imports to Hong Kong SAR, with a combined 67% share of total imports. These countries were followed by China, Germany, Indonesia and Malaysia, which together accounted for a further 27%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Indonesia (with a CAGR of +34.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X), Japan ($X) and Singapore ($X) appeared to be the largest ball bearing suppliers to Hong Kong SAR, with a combined 66% share of total imports. These countries were followed by China, Germany, Indonesia and Malaysia, which together accounted for a further 27%.

Indonesia, with a CAGR of +34.9%, saw 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 ball bearing import price stood at $X per ton in 2021, surging by 11% against the previous year. Overall, the import price recorded a relatively flat trend pattern. Over the period under review, average import prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, the highest price was recorded for prices from Japan ($X per ton) and China ($X per ton), while the price for Singapore ($X per ton) and Thailand ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+0.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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