Hong Kong SAR, China: Plastic Furniture Market 2024

Plastic Furniture Market Size in Hong Kong SAR, China

In 2021, the Hong Kong plastic furniture market increased by 3.9% to $X, rising for the second year in a row after three years of decline. Overall, the total consumption indicated a perceptible expansion from 2012 to 2021: its value increased at an average annual rate of +2.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +16.1% against 2019 indices. As a result, consumption attained the peak level of $X. From 2017 to 2021, the growth of the market remained at a somewhat lower figure.

Plastic Furniture Production in Hong Kong SAR, China

In value terms, plastic furniture production contracted to $X in 2021 estimated in export price. Overall, production, however, posted buoyant growth. The pace of growth was the most pronounced in 2019 with an increase of 48%. Over the period under review, production hit record highs at $X in 2016; however, from 2017 to 2021, production stood at a somewhat lower figure.

Plastic Furniture Exports

Exports from Hong Kong SAR, China

Plastic furniture exports from Hong Kong SAR surged to X units in 2021, jumping by 17% on 2020. Over the period under review, exports, however, faced a abrupt decrease. Over the period under review, the exports attained the peak figure at X units in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, plastic furniture exports surged to $X in 2021. In general, exports, however, continue to indicate a abrupt decrease. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X units), China (X units) and Canada (X units) were the main destinations of plastic furniture exports from Hong Kong SAR, together comprising 79% of total exports. Japan, Macao SAR, South Korea, the Philippines, Germany and Australia lagged somewhat behind, together accounting for a further 14%.

From 2012 to 2021, the biggest increases were in the Philippines (with a CAGR of +24.2%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the largest markets for plastic furniture exported from Hong Kong SAR were the United States ($X), China ($X) and Macao SAR ($X), with a combined 72% share of total exports. These countries were followed by Germany, Canada, Japan, Australia, South Korea and the Philippines, which together accounted for a further 19%.

The Philippines, with a CAGR of +29.4%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2021, the average plastic furniture export price amounted to $X per unit, picking up by 5.7% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.0%. The most prominent rate of growth was recorded in 2013 when the average export price increased by 34%. Over the period under review, the average export prices attained the maximum at $X per unit in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Germany ($X per unit), while the average price for exports to China ($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 Canada (+12.9%), while the prices for the other major destinations experienced more modest paces of growth.

Plastic Furniture Imports

Imports into Hong Kong SAR, China

In 2021, purchases abroad of furniture of plastic increased by 25% to X units, rising for the second consecutive year after two years of decline. Over the period under review, imports, however, saw a abrupt setback. The pace of growth appeared the most rapid in 2017 when imports increased by 27%. Imports peaked at X units in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, plastic furniture imports soared to $X in 2021. In general, imports, however, recorded a drastic downturn. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest plastic furniture supplier to Hong Kong SAR, accounting for a 88% share of total imports. Moreover, plastic furniture imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at -5.5%.

In value terms, China ($X) constituted the largest supplier of plastic furniture to Hong Kong SAR, comprising 80% of total imports. The second position in the ranking was held by Japan ($X), with a 5.5% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China amounted to -5.2%.

Import Prices by Country

The average plastic furniture import price stood at $X per unit in 2021, approximately reflecting the previous year. In general, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the average import price increased by 34%. The import price peaked at $X per unit in 2019; however, from 2020 to 2021, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, the country with the highest price was Japan ($X per unit), while the price for China amounted to $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+0.3%).

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :