Hong Kong SAR, China: Borates Market 2024

Borates Market Size in Hong Kong SAR, China

In 2022, the Hong Kong borates market increased by 11% to $X, rising for the third year in a row after three years of decline. In general, consumption, however, recorded a abrupt curtailment. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Borates Production in Hong Kong SAR, China

In value terms, borates production contracted significantly to $X in 2022 estimated in export price. In general, production continues to indicate a sharp descent. The most prominent rate of growth was recorded in 2021 with an increase of 7,154,100% against the previous year. Borates production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Borates Exports

Exports from Hong Kong SAR, China

In 2022, the amount of borates exported from Hong Kong SAR contracted markedly to X tons, which is down by -34.5% against the previous year. Overall, exports recorded a abrupt decline. The pace of growth was the most pronounced in 2021 when exports increased by 255%. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, borates exports reduced remarkably to $X in 2022. In general, exports saw a deep contraction. The pace of growth was the most pronounced in 2021 when exports increased by 347% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Indonesia (X tons) was the main destination for borates exports from Hong Kong SAR, accounting for a 61% share of total exports. Moreover, borates exports to Indonesia exceeded the volume sent to the second major destination, China (X tons), threefold. The third position in this ranking was held by Taiwan (Chinese) (X tons), with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Indonesia totaled +43.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-29.4% per year) and Taiwan (Chinese) (+231.1% per year).

In value terms, the largest markets for borates exported from Hong Kong SAR were Indonesia ($X), China ($X) and Taiwan (Chinese) ($X), with a combined 83% share of total exports. Japan lagged somewhat behind, accounting for a further 2.9%.

Japan, with a CAGR of +143.6%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average borates export price amounted to $X per ton, shrinking by -12.9% against the previous year. Over the period under review, the export price continues to indicate a pronounced reduction. The pace of growth appeared the most rapid in 2021 when the average export price increased by 26%. The export price peaked at $X per ton in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Indonesia ($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 Japan (+50.7%), while the prices for the other major destinations experienced more modest paces of growth.

Borates Imports

Imports into Hong Kong SAR, China

For the third year in a row, Hong Kong SAR recorded growth in purchases abroad of borates, which increased by 54% to X tons in 2022. Overall, imports saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 432% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, borates imports soared to $X in 2022. In general, imports, however, saw a deep reduction. The most prominent rate of growth was recorded in 2021 when imports increased by 262%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Indonesia (X tons) constituted the largest supplier of borates to Hong Kong SAR, accounting for a 68% share of total imports. Moreover, borates imports from Indonesia exceeded the figures recorded by the second-largest supplier, China (X tons), fourfold. The third position in this ranking was taken by the United States (X tons), with a 6.9% share.

From 2012 to 2022, the average annual growth rate of volume from Indonesia was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: China (+14.2% per year) and the United States (-15.4% per year).

In value terms, Indonesia ($X) constituted the largest supplier of borates to Hong Kong SAR, comprising 60% of total imports. The second position in the ranking was held by China ($X), with a 13% share of total imports. It was followed by Taiwan (Chinese), with a 9% share.

From 2012 to 2022, the average annual growth rate of value from Indonesia was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: China (+8.6% per year) and Taiwan (Chinese) (+5.6% per year).

Import Prices by Country

The average borates import price stood at $X per ton in 2022, declining by -8.9% against the previous year. Overall, the import price recorded a deep contraction. The growth pace was the most rapid in 2019 an increase of 62%. The import price peaked at $X per ton in 2014; however, from 2015 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 Taiwan (Chinese) ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+1.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :