Hong Kong SAR, China: Clove Market 2025

Clove Market Size in Hong Kong SAR, China

In 2022, the Hong Kong clove market increased by 48% to $X for the first time since 2019, thus ending a two-year declining trend. Over the period under review, consumption enjoyed a strong increase. Over the period under review, the market reached the maximum level in 2022 and is likely to see steady growth in the immediate term.

Clove Production in Hong Kong SAR, China

In value terms, clove production surged to $X in 2022 estimated in export price. Over the period under review, production posted significant growth. The most prominent rate of growth was recorded in 2020 with an increase of 37,770,700% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

The average yield of cloves in Hong Kong SAR stood at less than X kg per ha in 2022, remaining relatively unchanged against 2021 figures. Overall, the yield continues to indicate a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The clove harvested area in Hong Kong SAR stood at less than X ha in 2022, remaining constant against 2021 figures. In general, the harvested area continues to indicate a relatively flat trend pattern.

Clove Exports

Exports from Hong Kong SAR, China

In 2022, shipments abroad of cloves decreased by -71.5% to X tons, falling for the second consecutive year after three years of growth. Overall, exports recorded a abrupt descent. The growth pace was the most rapid in 2015 with an increase of 1,249%. Over the period under review, the exports reached the maximum at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, clove exports reduced markedly to $X in 2022. Over the period under review, exports continue to indicate a abrupt shrinkage. The growth pace was the most rapid in 2015 with an increase of 583%. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for clove exports from Hong Kong SAR, accounting for a 58% share of total exports. Moreover, clove exports to the United States exceeded the volume sent to the second major destination, Japan (X tons), twofold. Canada (X kg) ranked third in terms of total exports with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at +1.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-10.0% per year) and Canada (-12.7% per year).

In value terms, the largest markets for clove exported from Hong Kong SAR were the United States ($X), Japan ($X) and Australia ($X), together accounting for 95% of total exports.

The United States, with a CAGR of +1.1%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2022, the average clove export price amounted to $X per ton, with an increase of 49% against the previous year. In general, the export price, however, showed a abrupt descent. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Australia ($X per ton), while the average price for exports to Canada ($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 Israel (+41.8%), while the prices for the other major destinations experienced a decline.

Clove Imports

Imports into Hong Kong SAR, China

In 2022, approx. X tons of cloves were imported into Hong Kong SAR; with a decrease of -22% compared with the previous year. Over the period under review, imports continue to indicate a pronounced slump. The pace of growth appeared the most rapid in 2015 when imports increased by 422%. As a result, imports reached the peak of X tons. From 2016 to 2022, the growth of imports remained at a lower figure.

In value terms, clove imports expanded rapidly to $X in 2022. Overall, imports saw a deep slump. The pace of growth was the most pronounced in 2020 when imports increased by 312%. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Indonesia (X tons) constituted the largest supplier of clove to Hong Kong SAR, with a 57% share of total imports. Moreover, clove imports from Indonesia exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), threefold. The third position in this ranking was taken by China (X tons), with a 14% share.

From 2012 to 2022, the average annual growth rate of volume from Indonesia amounted to +16.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-4.1% per year) and China (+55.9% per year).

In value terms, the largest clove suppliers to Hong Kong SAR were Indonesia ($X), China ($X) and Malaysia ($X), together accounting for 82% of total imports.

In terms of the main suppliers, China, with a CAGR of +48.9%, recorded 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 clove import price stood at $X per ton in 2022, picking up by 35% against the previous year. Over the period under review, the import price, however, saw a abrupt setback. The growth pace was the most rapid in 2014 an increase of 44%. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the average import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+16.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :