Hong Kong SAR, China: Sewing Machine Furniture Market 2024

Sewing Machine Furniture Market Size in Hong Kong SAR, China

In 2022, the Hong Kong sewing machine furniture market decreased by -43.3% to $X, falling for the second year in a row after two years of growth. In general, consumption, however, showed a strong expansion. Over the period under review, the market attained the maximum level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Sewing Machine Furniture Production in Hong Kong SAR, China

In value terms, sewing machine furniture production expanded significantly to $X in 2022 estimated in export price. Overall, production saw a perceptible slump. The pace of growth was the most pronounced in 2019 with an increase of 73% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Sewing Machine Furniture Exports

Exports from Hong Kong SAR, China

In 2022, the amount of furniture, bases and covers for sewing machines exported from Hong Kong SAR shrank to X tons, declining by -11.9% against 2021 figures. Overall, exports showed a deep setback. The most prominent rate of growth was recorded in 2021 when exports increased by 51% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, sewing machine furniture exports expanded significantly to $X in 2022. Over the period under review, exports recorded a deep contraction. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for sewing machine furniture exports from Hong Kong SAR, accounting for a 41% share of total exports. Moreover, sewing machine furniture exports to China exceeded the volume sent to the second major destination, India (X tons), twofold. The third position in this ranking was held by Bangladesh (X tons), with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China amounted to -9.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+7.3% per year) and Bangladesh (+1.0% per year).

In value terms, China ($X) remains the key foreign market for furniture, bases and covers for sewing machines exports from Hong Kong SAR, comprising 49% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 17% share of total exports. It was followed by Vietnam, with a 14% share.

From 2012 to 2022, the average annual growth rate of value to China amounted to -7.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+6.2% per year) and Vietnam (-4.3% per year).

Export Prices by Country

The average sewing machine furniture export price stood at $X per ton in 2022, surging by 22% against the previous year. Over the period under review, export price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sewing machine furniture export price decreased by -16.1% against 2020 indices. The most prominent rate of growth was recorded in 2020 when the average export price increased by 70% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2021 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+13.2%), while the prices for the other major destinations experienced more modest paces of growth.

Sewing Machine Furniture Imports

Imports into Hong Kong SAR, China

In 2022, approx. X tons of furniture, bases and covers for sewing machines were imported into Hong Kong SAR; declining by -39.1% against the previous year's figure. In general, imports recorded a abrupt downturn. The pace of growth was the most pronounced in 2020 when imports increased by 45% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, sewing machine furniture imports reduced remarkably to $X in 2022. Over the period under review, imports showed a abrupt setback. The pace of growth was the most pronounced in 2021 with an increase of 23%. Imports peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) was the main supplier of sewing machine furniture to Hong Kong SAR, with a 91% share of total imports. It was followed by Japan (X tons), with a 2.7% share of total imports. Taiwan (Chinese) (X tons) ranked third in terms of total imports with a 2.3% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to -6.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-13.4% per year) and Taiwan (Chinese) (-11.7% per year).

In value terms, Japan ($X), China ($X) and Singapore ($X) appeared to be the largest sewing machine furniture suppliers to Hong Kong SAR, with a combined 81% share of total imports.

In terms of the main suppliers, Singapore, with a CAGR of +11.4%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average sewing machine furniture import price stood at $X per ton in 2022, increasing by 11% against the previous year. In general, the import price, however, continues to indicate a perceptible decline. The most prominent rate of growth was recorded in 2021 when the average import price increased by 38%. The import price peaked at $X per ton 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 Japan ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+5.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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