Hong Kong SAR, China: Wood Flat Pallet Market 2024

Wood Flat Pallet Market Size in Hong Kong SAR, China

The Hong Kong wood flat pallet market soared to $X in 2021, with an increase of 44% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption enjoyed buoyant growth. Over the period under review, the market hit record highs in 2021 and is likely to continue growth in the near future.

Wood Flat Pallet Exports

Exports from Hong Kong SAR, China

In 2021, overseas shipments of flat pallets and pallet collars of wood increased by 30% to X units, rising for the second year in a row after two years of decline. Overall, exports posted buoyant growth. The pace of growth appeared the most rapid in 2014 when exports increased by 137%. Over the period under review, the exports hit record highs at X units in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, wood flat pallet exports surged to $X in 2021. In general, exports continue to indicate a prominent expansion. The pace of growth appeared the most rapid in 2016 when exports increased by 74%. The exports peaked in 2021 and are expected to retain growth in the immediate term.

Exports by Country

China (X units) was the main destination for wood flat pallet exports from Hong Kong SAR, with a 87% share of total exports. Moreover, wood flat pallet exports to China exceeded the volume sent to the second major destination, the United States (X units), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to China stood at +8.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+21.8% per year) and Malaysia (+47.2% per year).

In value terms, China ($X) remains the key foreign market for flat pallets and pallet collars of wood exports from Hong Kong SAR, comprising 80% of total exports. The second position in the ranking was taken by Malaysia ($X), with an 8.4% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to China amounted to +15.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+59.1% per year) and the United States (+7.7% per year).

Export Prices by Country

In 2021, the average wood flat pallet export price amounted to $X per unit, rising by 21% against the previous year. In general, export price indicated a buoyant expansion from 2012 to 2021: its price increased at an average annual rate of +6.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 when the average export price increased by 167% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2014 to 2021, the average export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+8.1%), while the prices for the other major destinations experienced mixed trend patterns.

Wood Flat Pallet Imports

Imports into Hong Kong SAR, China

In 2021, imports of flat pallets and pallet collars of wood into Hong Kong SAR surged to X units, rising by 54% against the previous year. Overall, total imports indicated a buoyant expansion from 2012 to 2021: its volume increased at an average annual rate of +7.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +51.4% against 2018 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, wood flat pallet imports surged to $X in 2021. In general, total imports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +8.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +42.8% against 2015 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X units) was the main supplier of wood flat pallet to Hong Kong SAR, accounting for a 95% share of total imports. It was followed by Thailand (X units), with a 2.2% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +7.4%.

In value terms, China ($X) constituted the largest supplier of flat pallets and pallet collars of wood to Hong Kong SAR, comprising 94% of total imports. The second position in the ranking was held by Thailand ($X), with a 1.3% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China stood at +8.0%.

Import Prices by Country

The average wood flat pallet import price stood at $X per unit in 2021, reducing by -18.2% against the previous year. Over the period under review, the import price, however, continues to indicate a modest expansion. The growth pace was the most rapid in 2019 an increase of 28%. As a result, import price attained the peak level of $X per unit. From 2020 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was China ($X per unit), while the price for Thailand amounted to $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+0.6%).

Source: IndexBox Platform

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