Hong Kong SAR, China: Candles And Tapers Market 2024

Candles And Tapers Market Size in Hong Kong SAR, China

The Hong Kong candles and tapers market rose significantly to $X in 2021, increasing by 10% against the previous year. Overall, consumption continues to indicate a remarkable increase. Candles and tapers consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Candles And Tapers Production in Hong Kong SAR, China

In value terms, candles and tapers production rose markedly to $X in 2021 estimated in export price. Overall, production showed strong growth. The most prominent rate of growth was recorded in 2015 when the production volume increased by 67% against the previous year. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Candles And Tapers Exports

Exports from Hong Kong SAR, China

For the ninth consecutive year, Hong Kong SAR recorded decline in shipments abroad of candles and tapers, which decreased by -23.7% to X tons in 2021. Overall, exports showed a precipitous contraction. The smallest decline of -1.7% was in 2017. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, candles and tapers exports surged to $X in 2021. In general, exports faced a abrupt setback. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons), the United States (X tons) and Congo (X tons) were the main destinations of candles and tapers exports from Hong Kong SAR, with a combined 56% share of total exports. The UK, France, Germany, Mexico, Australia, Malaysia, the Netherlands, Switzerland, Macao SAR and Canada lagged somewhat behind, together comprising a further 37%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Malaysia (with a CAGR of +94.2%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the key foreign market for candles and tapers exports from Hong Kong SAR, comprising 59% of total exports. The second position in the ranking was held by the United States ($X), with a 7% share of total exports. It was followed by the UK, with a 6.4% share.

From 2012 to 2021, 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: the United States (-32.4% per year) and the UK (-16.9% per year).

Export Prices by Country

In 2021, the average candles and tapers export price amounted to $X per ton, jumping by 70% against the previous year. In general, the export price saw a prominent expansion. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Congo ($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 China (+39.1%), while the prices for the other major destinations experienced more modest paces of growth.

Candles And Tapers Imports

Imports into Hong Kong SAR, China

In 2021, overseas purchases of candles and tapers increased by 26% to X tons for the first time since 2012, thus ending a eight-year declining trend. Overall, imports, however, continue to indicate a abrupt slump. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, candles and tapers imports skyrocketed to $X in 2021. In general, imports, however, saw a perceptible decline. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest candles and tapers supplier to Hong Kong SAR, accounting for a 66% share of total imports. Moreover, candles and tapers imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), tenfold. France (X tons) ranked third in terms of total imports with a 6.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to -18.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+18.2% per year) and France (+41.7% per year).

In value terms, the largest candles and tapers suppliers to Hong Kong SAR were France ($X), China ($X) and Japan ($X), with a combined 65% share of total imports. The United States, the UK, the Netherlands, Italy, Taiwan (Chinese), Vietnam and Macao SAR lagged somewhat behind, together comprising a further 15%.

In terms of the main suppliers, the Netherlands, with a CAGR of +88.6%, saw the highest growth rate of 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 candles and tapers import price stood at $X per ton in 2021, jumping by 20% against the previous year. Over the period under review, the import price recorded buoyant growth. The most prominent rate of growth was recorded in 2016 an increase of 34% against the previous year. Over the period under review, average import prices attained the peak figure in 2021 and is likely to see steady growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was France ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Macao SAR (+28.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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