Hong Kong SAR, China: Market for Buckets, Shovels, Grabs And Grips For Ships’ Derricks And Cranes 2024

Market Size for Buckets, Shovels, Grabs And Grips For Ships’ Derricks And Cranes in Hong Kong SAR, China

After two years of decline, the Hong Kong market for buckets, shovels, grabs and grips for ships’ derricks and cranes increased by 12% to $X in 2022. Overall, consumption, however, recorded a abrupt slump. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Production of Buckets, Shovels, Grabs And Grips For Ships’ Derricks And Cranes in Hong Kong SAR, China

In value terms, ship derrick buckets and shovels production skyrocketed to $X in 2022 estimated in export price. Overall, production, however, recorded a abrupt decline. The most prominent rate of growth was recorded in 2016 with an increase of 101%. Ship derrick buckets and shovels production peaked at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Exports of Buckets, Shovels, Grabs And Grips For Ships’ Derricks And Cranes

Exports from Hong Kong SAR, China

In 2022, the amount of buckets, shovels, grabs and grips for ships’ derricks and cranes exported from Hong Kong SAR declined sharply to X units, waning by -71.8% on the previous year's figure. Over the period under review, exports recorded a deep setback. The most prominent rate of growth was recorded in 2013 with an increase of 737%. As a result, the exports reached the peak of X units. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, ship derrick buckets and shovels exports shrank significantly to $X in 2022. In general, exports recorded a abrupt descent. The pace of growth was the most pronounced in 2013 when exports increased by 631% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

The Philippines (X units), the United States (X units) and Mexico (X units) were the main destinations of ship derrick buckets and shovels exports from Hong Kong SAR, with a combined 84% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Mexico (with a CAGR of +22.2%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), the Philippines ($X) and China ($X) appeared to be the largest markets for ship derrick buckets and shovels exported from Hong Kong SAR worldwide, with a combined 84% share of total exports. Mexico lagged somewhat behind, accounting for a further 16%.

Mexico, with a CAGR of +25.0%, recorded the highest rates of growth with regard to 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 export price for buckets, shovels, grabs and grips for ships’ derricks and cranes amounted to $X per unit, reducing by -25.9% against the previous year. Over the period under review, the export price, however, posted a tangible expansion. The growth pace was the most rapid in 2014 when the average export price increased by 76% against the previous year. The export price peaked at $X per unit in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to the United States ($X per unit) and China ($X per unit), while the average price for exports to the Philippines ($X per unit) and Mexico ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (+8.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Buckets, Shovels, Grabs And Grips For Ships’ Derricks And Cranes

Imports into Hong Kong SAR, China

In 2022, purchases abroad of buckets, shovels, grabs and grips for ships’ derricks and cranes decreased by -8.9% to X units, falling for the third year in a row after three years of growth. Over the period under review, imports, however, saw notable growth. The pace of growth was the most pronounced in 2014 when imports increased by 111%. Over the period under review, imports attained the maximum at X units in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, ship derrick buckets and shovels imports declined rapidly to $X in 2022. In general, imports showed a noticeable setback. The growth pace was the most rapid in 2013 when imports increased by 90%. Imports peaked at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest ship derrick buckets and shovels supplier to Hong Kong SAR, accounting for a 70% share of total imports. Moreover, ship derrick buckets and shovels imports from China exceeded the figures recorded by the second-largest supplier, Canada (X units), sevenfold. The third position in this ranking was taken by the United States (X units), with an 8.5% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +6.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (+29.1% per year) and the United States (+8.1% per year).

In value terms, China ($X) constituted the largest supplier of buckets, shovels, grabs and grips for ships’ derricks and cranes to Hong Kong SAR, comprising 50% of total imports. The second position in the ranking was taken by Macao SAR ($X), with a 20% share of total imports. It was followed by South Korea, with a 12% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to +3.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Macao SAR (+35.4% per year) and South Korea (-8.9% per year).

Import Prices by Country

The average import price for buckets, shovels, grabs and grips for ships’ derricks and cranes stood at $X per unit in 2022, dropping by -17.5% against the previous year. In general, the import price recorded a abrupt decrease. The growth pace was the most rapid in 2021 when the average import price increased by 40% against the previous year. The import price peaked at $X per unit in 2013; however, from 2014 to 2022, import prices stood at a somewhat 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 Macao SAR ($X per unit), while the price for Canada ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Macao SAR (+18.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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