Hong Kong SAR, China: Cranks And Crankshafts Market 2024

Cranks And Crankshafts Market Size in Hong Kong SAR, China

In 2022, the Hong Kong cranks and crankshafts market decreased by -13.4% to $X for the first time since 2019, thus ending a two-year rising trend. In general, consumption showed a slight reduction. Cranks and crankshafts consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Cranks And Crankshafts Production in Hong Kong SAR, China

In value terms, cranks and crankshafts production expanded markedly to $X in 2022 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of 31%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Cranks And Crankshafts Exports

Exports from Hong Kong SAR, China

In 2022, overseas shipments of cranks and crankshafts decreased by -2.5% to X tons, falling for the third consecutive year after three years of growth. In general, exports recorded a mild reduction. The most prominent rate of growth was recorded in 2019 when exports increased by 56%. As a result, the exports attained the peak of X tons. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, cranks and crankshafts exports shrank to $X in 2022. Overall, exports continue to indicate a slight downturn. The pace of growth was the most pronounced in 2019 when exports increased by 49%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for cranks and crankshafts exports from Hong Kong SAR, with a 77% share of total exports. Moreover, cranks and crankshafts exports to China exceeded the volume sent to the second major destination, Japan (X tons), eightfold. The United States (X tons) ranked third in terms of total exports with a 2.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China amounted to +3.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-9.9% per year) and the United States (-8.1% per year).

In value terms, China ($X) remains the key foreign market for cranks and crankshafts exports from Hong Kong SAR, comprising 77% of total exports. The second position in the ranking was taken by Japan ($X), with a 9.5% share of total exports. It was followed by the United States, with a 2.3% share.

From 2012 to 2022, the average annual growth rate of value to China stood at +3.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-9.9% per year) and the United States (-8.1% per year).

Export Prices by Country

In 2022, the average cranks and crankshafts export price amounted to $X per ton, reducing by -10.4% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the average export price increased by 17% against the previous year. The export price peaked at $X per ton in 2021, and then declined in the following year.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Japan ($X per ton) and China ($X per ton), while the average price for exports to the Philippines ($X per ton) and Thailand ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Czech Republic (+0.0%), while the prices for the other major destinations experienced more modest paces of growth.

Cranks And Crankshafts Imports

Imports into Hong Kong SAR, China

In 2022, cranks and crankshafts imports into Hong Kong SAR reduced notably to X tons, dropping by -53.2% against the previous year. Over the period under review, imports showed a abrupt setback. The pace of growth appeared the most rapid in 2021 with an increase of 104% against the previous year. Imports peaked at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, cranks and crankshafts imports shrank markedly to $X in 2022. Overall, imports continue to indicate a abrupt contraction. The pace of growth was the most pronounced in 2021 when imports increased by 122% against the previous year. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

China (X tons), Japan (X tons) and the United States (X tons) were the main suppliers of cranks and crankshafts imports to Hong Kong SAR, with a combined 79% share of total imports. Malaysia, Taiwan (Chinese), South Korea, Germany and France lagged somewhat behind, together comprising a further 16%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Malaysia (with a CAGR of +35.4%), while imports for the other leaders experienced mixed trend patterns.

In value terms, China ($X), Japan ($X) and the United States ($X) appeared to be the largest cranks and crankshafts suppliers to Hong Kong SAR, together comprising 79% of total imports. Malaysia, Taiwan (Chinese), South Korea, Germany and France lagged somewhat behind, together accounting for a further 16%.

Malaysia, with a CAGR of +34.5%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average cranks and crankshafts import price amounted to $X per ton, rising by 8.6% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the average import price increased by 11%. Over the period under review, average import prices reached the maximum at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Taiwan (Chinese) ($X per ton) and Japan ($X per ton), while the price for South Korea ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (-0.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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