Hong Kong SAR, China: Bearing Market 2024

Bearing Market Size in Hong Kong SAR, China

The Hong Kong bearing market fell rapidly to $X in 2022, which is down by X% against the previous year. Overall, consumption recorded a abrupt downturn. Bearing consumption peaked at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Bearing Production in Hong Kong SAR, China

In value terms, bearing production shrank to $X in 2022 estimated in export price. Over the period under review, production saw a abrupt slump. The pace of growth was the most pronounced in 2018 with an increase of X%. Over the period under review, production reached the maximum level at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Bearing Exports

Exports from Hong Kong SAR, China

In 2022, shipments abroad of ball or roller bearings decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports saw a deep downturn. The growth pace was the most rapid in 2014 when exports increased by X%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, bearing exports reduced rapidly to $X in 2022. Over the period under review, exports saw a abrupt downturn. The most prominent rate of growth was recorded in 2020 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for bearing exports from Hong Kong SAR, with a X% share of total exports. Moreover, bearing exports to China exceeded the volume sent to the second major destination, Taiwan (Chinese) (X tons), more than tenfold. The third position in this ranking was taken by Singapore (X tons), with a X% share.

From 2012 to 2021, the average annual growth rate of volume to China stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (X% per year) and Singapore (X% per year).

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

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

Export Prices by Country

The average bearing export price stood at $X per ton in 2021, surging by X% against the previous year. Over the last nine years, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2018 when the average export price increased by X%. The export price peaked in 2021 and is likely to see steady growth in the near future.

Average prices varied somewhat for the major external markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Germany ($X per ton) and China ($X per ton), while the average price for exports to Singapore ($X per ton) and Taiwan (Chinese) ($X per ton) were amongst the lowest.

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

Bearing Imports

Imports into Hong Kong SAR, China

In 2022, imports of ball or roller bearings into Hong Kong SAR contracted sharply to X tons, shrinking by X% compared with 2021. Overall, imports saw a drastic downturn. The most prominent rate of growth was recorded in 2014 with an increase of X%. Imports peaked at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, bearing imports dropped dramatically to $X in 2022. Over the period under review, imports continue to indicate a abrupt setback. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Japan (X tons), Germany (X tons) and Thailand (X tons) were the main suppliers of bearing imports to Hong Kong SAR, with a combined X% share of total imports.

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

In value terms, Japan ($X), Germany ($X) and Thailand ($X) appeared to be the largest bearing suppliers to Hong Kong SAR, together comprising X% of total imports.

Among the main suppliers, Germany, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average bearing import price stood at $X per ton in 2021, increasing by X% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from South Korea ($X per ton) and the United States ($X per ton), while the price for Germany ($X per ton) and Japan ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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