Hong Kong SAR, China: Market for Industrial, Laboratory or Bakery Ovens 2024

Market Size for Industrial, Laboratory or Bakery Ovens in Hong Kong SAR, China

After three years of growth, the Hong Kong market for industrial, laboratory or bakery ovens decreased by -6.3% to $X in 2022. Overall, consumption, however, showed a resilient increase. Industrial, laboratory or bakery oven consumption peaked at $X in 2021, and then shrank in the following year.

Production of Industrial, Laboratory or Bakery Ovens in Hong Kong SAR, China

In value terms, industrial, laboratory or bakery oven production surged to $X in 2022 estimated in export price. Overall, production showed notable growth. The pace of growth was the most pronounced in 2020 with an increase of 357% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Exports of Industrial, Laboratory or Bakery Ovens

Exports from Hong Kong SAR, China

After two years of growth, overseas shipments of industrial, laboratory or bakery ovens decreased by -0.6% to X units in 2022. Overall, exports continue to indicate a perceptible downturn. The most prominent rate of growth was recorded in 2018 when exports increased by 1,167%. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, industrial, laboratory or bakery oven exports skyrocketed to $X in 2022. Over the period under review, exports recorded a pronounced curtailment. The most prominent rate of growth was recorded in 2018 with an increase of 1,972% against the previous year. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

China (X units) was the main destination for industrial, laboratory or bakery oven exports from Hong Kong SAR, with a 82% share of total exports. Moreover, industrial, laboratory or bakery oven exports to China exceeded the volume sent to the second major destination, the Philippines (X units), eightfold. The third position in this ranking was held by Singapore (X units), with a 1.8% share.

From 2012 to 2022, the average annual growth rate of volume to China amounted to -3.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (+17.2% per year) and Singapore (+5.1% per year).

In value terms, China ($X) remains the key foreign market for industrial, laboratory or bakery ovens exports from Hong Kong SAR, comprising 94% of total exports. The second position in the ranking was held by Vietnam ($X), with a 1.2% share of total exports. It was followed by Singapore, with a 1.1% share.

From 2012 to 2022, the average annual growth rate of value to China totaled -3.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+2.7% per year) and Singapore (+4.5% per year).

Export Prices by Country

The average export price for industrial, laboratory or bakery ovens stood at $X per unit in 2022, growing by 18% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the average export price increased by 63% against the previous year. The export price peaked at $X per unit in 2013; however, from 2014 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 Vietnam ($X per unit), while the average price for exports to the Philippines ($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 Vietnam (+28.8%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Industrial, Laboratory or Bakery Ovens

Imports into Hong Kong SAR, China

In 2022, approx. X units of industrial, laboratory or bakery ovens were imported into Hong Kong SAR; which is down by -26.5% against the year before. In general, imports, however, showed a remarkable increase. The pace of growth appeared the most rapid in 2017 when imports increased by 203% against the previous year. Imports peaked at X units in 2021, and then dropped significantly in the following year.

In value terms, industrial, laboratory or bakery oven imports reduced rapidly to $X in 2022. Over the period under review, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 215%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest industrial, laboratory or bakery oven supplier to Hong Kong SAR, accounting for a 67% share of total imports. Moreover, industrial, laboratory or bakery oven imports from China exceeded the figures recorded by the second-largest supplier, France (X units), eightfold. The third position in this ranking was taken by Japan (X units), with a 5.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +11.2%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+10.2% per year) and Japan (-3.1% per year).

In value terms, China ($X) constituted the largest supplier of industrial, laboratory or bakery ovens to Hong Kong SAR, comprising 65% of total imports. The second position in the ranking was taken by Germany ($X), with a 12% share of total imports. It was followed by Japan, with a 7% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to +10.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+13.6% per year) and Japan (+0.4% per year).

Import Prices by Country

The average import price for industrial, laboratory or bakery ovens stood at $X per unit in 2022, picking up by 2.6% against the previous year. In general, the import price, however, continues to indicate a abrupt setback. The most prominent rate of growth was recorded in 2019 when the average import price increased by 36%. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per unit), while the price for France ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+3.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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