Hong Kong SAR, China: Corrugated Paper Box Market 2024

Corrugated Paper Box Market Size in Hong Kong SAR, China

In 2022, after two years of growth, there was significant decline in the Hong Kong corrugated paper box market, when its value decreased by -15.3% to $X. The market value increased at an average annual rate of +3.8% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Corrugated paper box consumption peaked at $X in 2021, and then dropped rapidly in the following year.

Corrugated Paper Box Exports

Exports from Hong Kong SAR, China

In 2022, overseas shipments of cartons, boxes and cases of corrugated paper or paperboard decreased by -42.1% to X tons, falling for the ninth consecutive year after two years of growth. In general, exports faced a abrupt descent. The most prominent rate of growth was recorded in 2013 with an increase of 1.8% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, corrugated paper box exports declined notably to $X in 2022. Overall, exports showed a abrupt curtailment. The most prominent rate of growth was recorded in 2021 when exports increased by 7.8%. Over the period under review, the exports reached the maximum at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

China (X tons), the United States (X tons) and Vietnam (X tons) were the main destinations of corrugated paper box exports from Hong Kong SAR, with a combined 55% share of total exports. Japan, Bangladesh, Thailand, Taiwan (Chinese), India, Macao SAR, Cambodia, the Philippines, the UK and France lagged somewhat behind, together accounting for a further 32%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Bangladesh (with a CAGR of +0.6%), while the other leaders experienced mixed trend patterns.

In value terms, China ($X), the United States ($X) and Vietnam ($X) constituted the largest markets for corrugated paper box exported from Hong Kong SAR worldwide, together comprising 52% of total exports. Japan, Bangladesh, India, Cambodia, the UK, Taiwan (Chinese), the Philippines, France, Macao SAR and Thailand lagged somewhat behind, together accounting for a further 28%.

Among the main countries of destination, Bangladesh, with a CAGR of +3.3%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average corrugated paper box export price stood at $X per ton in 2022, increasing by 7.5% against the previous year. In general, export price indicated a buoyant expansion from 2012 to 2022: its price increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, corrugated paper box export price increased by +25.5% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the average export price increased by 19%. The export price peaked in 2022 and is likely to continue growth in the near future.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to Thailand ($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 France (+14.5%), while the prices for the other major destinations experienced more modest paces of growth.

Corrugated Paper Box Imports

Imports into Hong Kong SAR, China

In 2022, the amount of cartons, boxes and cases of corrugated paper or paperboard imported into Hong Kong SAR reduced to X tons, waning by -5.6% against 2021 figures. In general, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when imports increased by 9.2% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, corrugated paper box imports contracted dramatically to $X in 2022. The total import value increased at an average annual rate of +1.4% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when imports increased by 16% against the previous year. Over the period under review, imports reached the peak figure at $X in 2021, and then declined notably in the following year.

Imports by Country

In 2022, China (X tons) was the main supplier of corrugated paper box to Hong Kong SAR, with a approx. 98% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from China was relatively modest.

In value terms, China ($X) constituted the largest supplier of cartons, boxes and cases of corrugated paper or paperboard to Hong Kong SAR.

From 2012 to 2022, the average annual growth rate of value from China stood at +1.8%.

Import Prices by Country

The average corrugated paper box import price stood at $X per ton in 2022, declining by -14.7% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.2%. The most prominent rate of growth was recorded in 2020 when the average import price increased by 17%. Over the period under review, average import prices hit record highs at $X per ton in 2021, and then fell in the following year.

As there is only one major supplying country, the average price level is determined by prices for China.

From 2012 to 2022, the rate of growth in terms of prices for China amounted to +2.6% per year.

Source: IndexBox Platform

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