Hong Kong SAR, China: Hay-Making Machinery Market 2024

Hay-Making Machinery Market Size in Hong Kong SAR, China

The Hong Kong hay-making machinery market shrank slightly to $X in 2021, with a decrease of -1.6% against the previous year. Overall, consumption, however, saw a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2016 to 2021, the growth of the market failed to regain momentum.

Hay-Making Machinery Production in Hong Kong SAR, China

In value terms, hay-making machinery production dropped modestly to $X in 2021 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the production volume increased by 33% against the previous year. Hay-making machinery production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Hay-Making Machinery Exports

Exports from Hong Kong SAR, China

In 2021, approx. X units of hay-making machinery were exported from Hong Kong SAR; dropping by -20% against 2020. In general, exports, however, showed a resilient increase. The pace of growth was the most pronounced in 2019 when exports increased by 200% against the previous year. As a result, the exports attained the peak of X units. From 2020 to 2021, the growth of the exports failed to regain momentum.

In value terms, hay-making machinery exports dropped markedly to $X in 2021. Overall, exports, however, continue to indicate a resilient increase. The growth pace was the most rapid in 2014 when exports increased by 499% against the previous year. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X units) and Pakistan (X units) were the main destinations of hay-making machinery exports from Hong Kong SAR. Moreover, hay-making machinery exports in the United States exceeded the figures recorded by the second-largest exporter, Pakistan, twofold.

From 2012 to 2021, the biggest increases were recorded for the United States (with a CAGR of 0.0%).

In value terms, the United States ($X) emerged as the key foreign market for hay-making machinery exports from Hong Kong SAR, comprising 61% of total exports. The second position in the ranking was taken by the Philippines ($X), with a 9.9% share of total exports. It was followed by the UK, with a 4.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (+45.1% per year) and the UK (-7.1% per year).

Export Prices by Country

In 2021, the average hay-making machinery export price amounted to $X per unit, which is down by -34.1% against the previous year. Overall, the export price saw a slight reduction. The most prominent rate of growth was recorded in 2014 when the average export price increased by 98% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per unit in 2016; however, from 2017 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the UK ($X per unit), while the average price for exports to Pakistan ($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 the UK (+22.3%), while the prices for the other major destinations experienced more modest paces of growth.

Hay-Making Machinery Imports

Imports into Hong Kong SAR, China

Hay-making machinery imports into Hong Kong SAR soared to X units in 2021, growing by 167% on the year before. Over the period under review, imports saw significant growth. The pace of growth was the most pronounced in 2015 when imports increased by 24,300% against the previous year. As a result, imports attained the peak of X units. From 2016 to 2021, the growth of imports failed to regain momentum.

In value terms, hay-making machinery imports skyrocketed to $X in 2021. In general, imports, however, recorded a abrupt descent. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Thailand (X units) and China (X units) were the main suppliers of hay-making machinery imports to Hong Kong SAR.

From 2012 to 2021, the biggest increases were recorded for Thailand (with a CAGR of +18.9%).

In value terms, China ($X) constituted the largest supplier of hay-making machinery to Hong Kong SAR, comprising 88% of total imports. The second position in the ranking was held by Thailand ($X), with a 6% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to -11.1%.

Import Prices by Country

The average hay-making machinery import price stood at $X per unit in 2021, remaining constant against the previous year. Over the period under review, the import price showed a sharp contraction. The pace of growth appeared the most rapid in 2016 when the average import price increased by 4,713% against the previous year. Over the period under review, average import prices reached the maximum at $X per unit in 2012; however, from 2013 to 2021, 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 Singapore (+634.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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