Hong Kong SAR, China: Wood Drilling Machine Market 2024

Wood Drilling Machine Market Size in Hong Kong SAR, China

In 2021, the Hong Kong wood drilling machine market decreased by -46.2% to $X for the first time since 2016, thus ending a four-year rising trend. Over the period under review, consumption, however, recorded a prominent increase. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market failed to regain momentum.

Wood Drilling Machine Production in Hong Kong SAR, China

In value terms, wood drilling machine production shrank significantly to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a strong increase. The most prominent rate of growth was recorded in 2013 when the production volume increased by 1,794% against the previous year. Wood drilling machine production peaked at $X in 2016; however, from 2017 to 2021, production remained at a lower figure.

Wood Drilling Machine Exports

Exports from Hong Kong SAR, China

In 2021, overseas shipments of drilling or morticing machines decreased by -7.7% to X units, falling for the second consecutive year after two years of growth. Overall, exports, however, recorded measured growth. The growth pace was the most rapid in 2016 with an increase of 32,697% against the previous year. As a result, the exports attained the peak of X units. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, wood drilling machine exports declined sharply to $X in 2021. Over the period under review, exports, however, showed prominent growth. The most prominent rate of growth was recorded in 2019 when exports increased by 131%. As a result, the exports reached the peak of $X. From 2020 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

China (X units) was the main destination for wood drilling machine exports from Hong Kong SAR, with a 96% share of total exports. It was followed by Germany (X units), with a 2.9% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to China totaled +5.6%.

In value terms, China ($X) remains the key foreign market for drilling or morticing machines exports from Hong Kong SAR, comprising 96% of total exports. The second position in the ranking was taken by Germany ($X), with a 3% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to China amounted to +8.8%.

Export Prices by Country

In 2021, the average wood drilling machine export price amounted to $X per unit, shrinking by -24.3% against the previous year. Overall, the export price, however, continues to indicate a notable increase. The growth pace was the most rapid in 2017 an increase of 22,968% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2020, and then fell dramatically in the following year.

Average prices varied noticeably for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Germany ($X per unit), while the average price for exports to China stood at $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+3.0%), while the prices for the other major destinations experienced a decline.

Wood Drilling Machine Imports

Imports into Hong Kong SAR, China

In 2021, supplies from abroad of drilling or morticing machines decreased by -35.3% to X units, falling for the second year in a row after three years of growth. Over the period under review, imports, however, enjoyed significant growth. The pace of growth appeared the most rapid in 2015 with an increase of 1,038% against the previous year. Over the period under review, imports attained the peak figure at X units in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, wood drilling machine imports dropped sharply to $X in 2021. Overall, imports, however, recorded a buoyant increase. The most prominent rate of growth was recorded in 2019 when imports increased by 176% against the previous year. As a result, imports attained the peak of $X. From 2020 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Germany (X units) constituted the largest supplier of wood drilling machine to Hong Kong SAR, with a 66% share of total imports. Moreover, wood drilling machine imports from Germany exceeded the figures recorded by the second-largest supplier, China (X units), twofold.

From 2012 to 2021, the average annual growth rate of volume from Germany stood at +45.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+36.3% per year) and Italy (+31.1% per year).

In value terms, Germany ($X) constituted the largest supplier of drilling or morticing machines to Hong Kong SAR, comprising 76% of total imports. The second position in the ranking was taken by China ($X), with a 17% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Germany stood at +18.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+20.1% per year) and Italy (+34.1% per year).

Import Prices by Country

The average wood drilling machine import price stood at $X per unit in 2021, surging by 5.4% against the previous year. Overall, the import price, however, faced a deep contraction. The most prominent rate of growth was recorded in 2016 when the average import price increased by 229% against the previous year. The import price peaked at $X per unit in 2012; however, from 2013 to 2021, 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 Italy ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+2.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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