Hong Kong SAR, China: Copper Wire Market 2024

Copper Wire Market Size in Hong Kong SAR, China

The Hong Kong copper wire market declined notably to $X in 2021, shrinking by -19.5% against the previous year. Over the period under review, consumption, however, recorded resilient growth. As a result, consumption reached the peak level of $X, and then reduced dramatically in the following year.

Copper Wire Production in Hong Kong SAR, China

In value terms, copper wire production shrank sharply to $X in 2021 estimated in export price. In general, production, however, recorded a buoyant expansion. The pace of growth appeared the most rapid in 2020 with an increase of 139% against the previous year. As a result, production attained the peak level of $X, and then shrank notably in the following year.

Copper Wire Exports

Exports from Hong Kong SAR, China

In 2021, shipments abroad of copper wire increased by 12% to X tons for the first time since 2017, thus ending a three-year declining trend. Over the period under review, exports, however, showed a sharp slump. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, copper wire exports soared to $X in 2021. Overall, exports, however, continue to indicate a abrupt downturn. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for copper wire exports from Hong Kong SAR, accounting for a 80% share of total exports. Moreover, copper wire exports to China exceeded the volume sent to the second major destination, Sri Lanka (X tons), more than tenfold. The third position in this ranking was held by Japan (X tons), with a 5.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China stood at -22.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sri Lanka (+165.0% per year) and Japan (+20.3% per year).

In value terms, China ($X) remains the key foreign market for copper wire exports from Hong Kong SAR, comprising 79% of total exports. The second position in the ranking was held by Japan ($X), with a 10% share of total exports. It was followed by Sri Lanka, with a 4.1% share.

From 2012 to 2021, the average annual growth rate of value to China amounted to -16.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+21.0% per year) and Sri Lanka (+146.1% per year).

Export Prices by Country

In 2021, the average copper wire export price amounted to $X per ton, jumping by 31% against the previous year. Over the period under review, export price indicated a buoyant increase from 2012 to 2021: its price increased at an average annual rate of +7.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, copper wire export price increased by +79.9% against 2015 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Malaysia ($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 (+7.3%), while the prices for the other major destinations experienced mixed trend patterns.

Copper Wire Imports

Imports into Hong Kong SAR, China

After two years of decline, overseas purchases of copper wire increased by 63% to X tons in 2021. Over the period under review, imports, however, continue to indicate a deep downturn. Over the period under review, imports reached the peak figure at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, copper wire imports surged to $X in 2021. Overall, imports, however, showed a abrupt shrinkage. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

China (X tons), Russia (X tons) and Indonesia (X tons) were the main suppliers of copper wire imports to Hong Kong SAR, together accounting for 54% of total imports. Thailand, Malaysia, Taiwan (Chinese), Japan, India, South Korea and Australia lagged somewhat behind, together accounting for a further 38%.

From 2012 to 2021, the biggest increases were recorded for Thailand (with a CAGR of +92.0%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, China ($X) constituted the largest supplier of copper wire to Hong Kong SAR, comprising 27% of total imports. The second position in the ranking was taken by Thailand ($X), with an 11% share of total imports. It was followed by Russia, with an 11% share.

From 2012 to 2021, the average annual growth rate of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+81.1% per year) and Russia (+0.1% per year).

Import Prices by Country

The average copper wire import price stood at $X per ton in 2021, rising by 7.8% against the previous year. Over the last nine years, it increased at an average annual rate of +2.0%. The pace of growth was the most pronounced in 2017 an increase of 8.1% against the previous year. The import price peaked in 2021 and is expected to retain growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+4.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform