Hong Kong SAR, China: Market for Diesel Engines (Other Than For Motor Vehicles And Aircraft) 2024

Market Size for Diesel Engines (Other Than For Motor Vehicles And Aircraft) in Hong Kong SAR, China

The Hong Kong market for diesel engines (other than for motor vehicles and aircraft) declined slightly to $X in 2022, waning by -3.9% against the previous year. In general, consumption saw a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Production of Diesel Engines (Other Than For Motor Vehicles And Aircraft) in Hong Kong SAR, China

In value terms, production of diesel engines (other than for motor vehicles and aircraft) fell to $X in 2022 estimated in export price. Overall, production, however, posted a resilient expansion. The pace of growth appeared the most rapid in 2014 with an increase of 209%. Over the period under review, production of attained the peak level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Exports of Diesel Engines (Other Than For Motor Vehicles And Aircraft)

Exports from Hong Kong SAR, China

In 2022, the amount of diesel engines (other than for motor vehicles and aircraft) exported from Hong Kong SAR dropped significantly to X units, which is down by -41.2% compared with 2021 figures. In general, exports recorded a deep downturn. The growth pace was the most rapid in 2014 with an increase of 15% against the previous year. The exports peaked at X units in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, exports of diesel engines (other than for motor vehicles and aircraft) declined notably to $X in 2022. Over the period under review, exports recorded a deep reduction. The pace of growth was the most pronounced in 2014 with an increase of 24% against the previous year. Over the period under review, the exports of 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 units) was the main destination for exports of diesel engines (other than for motor vehicles and aircraft) from Hong Kong SAR, with a 67% share of total exports. Moreover, exports of diesel engines (other than for motor vehicles and aircraft) to China exceeded the volume sent to the second major destination, Malaysia (X units), fourfold. Singapore (X units) ranked third in terms of total exports with a 7% share.

From 2012 to 2022, the average annual growth rate of volume to China stood at -8.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-8.0% per year) and Singapore (+2.6% per year).

In value terms, China ($X) remains the key foreign market for diesel engines (other than for motor vehicles and aircraft) exports from Hong Kong SAR, comprising 73% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 12% share of total exports. It was followed by Singapore, with a 6.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China amounted to -17.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-2.3% per year) and Singapore (+4.6% per year).

Export Prices by Country

In 2022, the average export price for diesel engines (other than for motor vehicles and aircraft) amounted to $X per unit, increasing by 12% against the previous year. Overall, the export price, however, showed a deep downturn. The pace of growth appeared the most rapid in 2019 an increase of 16%. The export price peaked at $X per unit in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to Vietnam ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+10.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Diesel Engines (Other Than For Motor Vehicles And Aircraft)

Imports into Hong Kong SAR, China

For the third consecutive year, Hong Kong SAR recorded decline in purchases abroad of diesel engines (other than for motor vehicles and aircraft), which decreased by -3% to X units in 2022. In general, imports continue to indicate a deep contraction. The pace of growth appeared the most rapid in 2019 with an increase of 18% against the previous year. Imports peaked at X units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, imports of diesel engines (other than for motor vehicles and aircraft) declined to $X in 2022. Over the period under review, imports saw a abrupt downturn. The pace of growth was the most pronounced in 2014 when imports increased by 45% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports of failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest diesel engines (other than for motor vehicles and aircraft) supplier to Hong Kong SAR, accounting for a 35% share of total imports. Moreover, imports of diesel engines (other than for motor vehicles and aircraft) from China exceeded the figures recorded by the second-largest supplier, Germany (X units), twofold. Japan (X units) ranked third in terms of total imports with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled -2.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-3.5% per year) and Japan (-2.4% per year).

In value terms, China ($X) constituted the largest supplier of diesel engines (other than for motor vehicles and aircraft) to Hong Kong SAR, comprising 60% of total imports. The second position in the ranking was taken by the United States ($X), with a 10% share of total imports. It was followed by Belgium, with a 7.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-26.6% per year) and Belgium (+6.6% per year).

Import Prices by Country

In 2022, the average import price for diesel engines (other than for motor vehicles and aircraft) amounted to $X per unit, falling by -7.3% against the previous year. Over the period under review, the import price showed a pronounced decrease. The most prominent rate of growth was recorded in 2021 an increase of 36%. The import price peaked at $X per unit in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per unit), while the price for Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+19.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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