Hong Kong SAR, China: Bumper Market 2024

Bumper Market Size in Hong Kong SAR, China

The Hong Kong bumper market surged to $X in 2022, increasing by 78% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption enjoyed buoyant growth. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Bumper Exports

Exports from Hong Kong SAR, China

In 2022, bumper exports from Hong Kong SAR reduced markedly to X tons, waning by -46.5% against the previous year. In general, exports saw a abrupt descent. The growth pace was the most rapid in 2021 when exports increased by 46% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, bumper exports dropped sharply to $X in 2022. Overall, exports continue to indicate a pronounced contraction. The most prominent rate of growth was recorded in 2013 with an increase of 40%. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for bumper exports from Hong Kong SAR, with a 61% share of total exports. Moreover, bumper exports to China exceeded the volume sent to the second major destination, Singapore (X tons), sixfold. The third position in this ranking was held by the Philippines (X tons), with a 7.9% share.

From 2012 to 2022, the average annual growth rate of volume to China was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+5.7% per year) and the Philippines (+8.1% per year).

In value terms, China ($X) remains the key foreign market for bumpers exports from Hong Kong SAR, comprising 53% of total exports. The second position in the ranking was taken by Singapore ($X), with a 16% share of total exports. It was followed by the United States, with a 9% share.

From 2012 to 2022, the average annual growth rate of value to China was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+6.2% per year) and the United States (-5.0% per year).

Export Prices by Country

The average bumper export price stood at $X per ton in 2022, surging by 15% against the previous year. Over the last decade, it increased at an average annual rate of +5.2%. The growth pace was the most rapid in 2013 when the average export price increased by 30% against the previous year. Over the period under review, the average export prices attained the maximum in 2022 and is likely to continue growth in years to come.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Pakistan ($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 the United States (+9.1%), while the prices for the other major destinations experienced more modest paces of growth.

Bumper Imports

Imports into Hong Kong SAR, China

In 2022, supplies from abroad of bumpers increased by 3.4% to X tons, rising for the second consecutive year after two years of decline. Overall, imports, however, showed a slight slump. The growth pace was the most rapid in 2021 with an increase of 32% against the previous year. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, bumper imports fell to $X in 2022. Over the period under review, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when imports increased by 27%. Imports peaked at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

China (X tons), the United Arab Emirates (X tons) and Singapore (X tons) were the main suppliers of bumper imports to Hong Kong SAR, together comprising 51% of total imports.

From 2012 to 2022, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +148.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), the United States ($X) and Singapore ($X) constituted the largest bumper suppliers to Hong Kong SAR, together comprising 46% of total imports. The United Arab Emirates, Japan, China, Saudi Arabia and Taiwan (Chinese) lagged somewhat behind, together comprising a further 30%.

The United Arab Emirates, with a CAGR of +143.0%, recorded the highest growth rate of the value of imports, among 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 bumper import price stood at $X per ton in 2022, dropping by -9.2% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.7%. The pace of growth was the most pronounced in 2013 when the average import price increased by 23% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+11.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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