Hong Kong SAR, China: Carbon Dioxide Market 2024

Carbon Dioxide Market Size in Hong Kong SAR, China

The Hong Kong carbon dioxide market dropped slightly to $X in 2022, declining by -4.4% against the previous year. In general, the total consumption indicated a slight expansion from 2012 to 2022: its value increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -16.4% against 2017 indices. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market remained at a somewhat lower figure.

Carbon Dioxide Production in Hong Kong SAR, China

In value terms, carbon dioxide production shrank modestly to $X in 2022 estimated in export price. In general, the total production indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -4.7% against 2017 indices. The pace of growth appeared the most rapid in 2017 when the production volume increased by 60% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2022, production growth failed to regain momentum.

Carbon Dioxide Exports

Exports from Hong Kong SAR, China

After three years of growth, shipments abroad of carbon dioxide decreased by -83.3% to X tons in 2022. In general, exports, however, saw a strong increase. The pace of growth was the most pronounced in 2019 with an increase of 1,501% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021, and then contracted sharply in the following year.

In value terms, carbon dioxide exports declined rapidly to $X in 2022. Overall, exports, however, continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2019 when exports increased by 3,545% against the previous year. The exports peaked at $X in 2021, and then shrank notably in the following year.

Exports by Country

Japan (X tons) was the main destination for carbon dioxide exports from Hong Kong SAR, with a 87% share of total exports. Moreover, carbon dioxide exports to Japan 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 Macao SAR (X tons), with a 3.8% share.

From 2012 to 2022, the average annual growth rate of volume to Japan stood at +93.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (-1.9% per year) and Macao SAR (+2.6% per year).

In value terms, Japan ($X) remains the key foreign market for carbon dioxide exports from Hong Kong SAR, comprising 97% of total exports. The second position in the ranking was taken by Macao SAR ($X), with a 1.1% share of total exports. It was followed by Taiwan (Chinese), with a 0.6% share.

From 2012 to 2022, the average annual growth rate of value to Japan stood at +88.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Macao SAR (+1.3% per year) and Taiwan (Chinese) (-3.5% per year).

Export Prices by Country

In 2022, the average carbon dioxide export price amounted to $X per ton, reducing by -6.5% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the average export price increased by 128%. Over the period under review, the average export prices reached the maximum at $X per ton in 2021, and then dropped in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 China (+10.7%), while the prices for the other major destinations experienced mixed trend patterns.

Carbon Dioxide Imports

Imports into Hong Kong SAR, China

Carbon dioxide imports into Hong Kong SAR shrank sharply to X tons in 2022, falling by -36.5% against the previous year. In general, imports continue to indicate a pronounced downturn. The pace of growth was the most pronounced in 2013 when imports increased by 88%. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports failed to regain momentum.

In value terms, carbon dioxide imports reduced notably to $X in 2022. Overall, total imports indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of 47%. Over the period under review, imports reached the peak figure at $X in 2021, and then contracted remarkably in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest carbon dioxide supplier to Hong Kong SAR, accounting for a 75% share of total imports. Moreover, carbon dioxide imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), sevenfold. Singapore (X tons) ranked third in terms of total imports with a 5.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at -1.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-12.7% per year) and Singapore (+19.0% per year).

In value terms, China ($X) constituted the largest supplier of carbon dioxide to Hong Kong SAR, comprising 73% of total imports. The second position in the ranking was held by Japan ($X), with a 14% share of total imports. It was followed by Taiwan (Chinese), with a 7.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +2.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+0.4% per year) and Taiwan (Chinese) (+5.0% per year).

Import Prices by Country

In 2022, the average carbon dioxide import price amounted to $X per ton, increasing by 2% against the previous year. In general, the import price posted prominent growth. The most prominent rate of growth was recorded in 2020 an increase of 86% against the previous year. The import price peaked in 2022 and is expected to retain growth in years to come.

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 Japan ($X per ton), while the price for Singapore ($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) (+20.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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