Hong Kong SAR, China: Herbicide Market 2024

Herbicide Market Size in Hong Kong SAR, China

In 2021, after three years of decline, there was growth in the Hong Kong herbicide market, when its value increased by 0.5% to $X. The market value increased at an average annual rate of +4.1% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Herbicide consumption peaked at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Herbicide Production in Hong Kong SAR, China

In value terms, herbicide production totaled $X in 2021 estimated in export price. The total output value increased at an average annual rate of +4.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when the production volume increased by 27%. Herbicide production peaked at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

Herbicide Exports

Exports from Hong Kong SAR, China

In 2021, after two years of decline, there was significant growth in shipments abroad of herbicides, when their volume increased by 56% to X tons. Over the period under review, exports, however, faced a significant curtailment. The most prominent rate of growth was recorded in 2017 when exports increased by 199% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, herbicide exports skyrocketed to $X in 2021. Overall, exports continue to indicate a relatively flat trend pattern. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

Pakistan (X tons) was the main destination for herbicide exports from Hong Kong SAR, with a 64% share of total exports. Moreover, herbicide exports to Pakistan exceeded the volume sent to the second major destination, Vietnam (X tons), threefold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Pakistan was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+27.0% per year) and Macao SAR (-1.4% per year).

In value terms, Pakistan ($X), Vietnam ($X) and Macao SAR ($X) constituted the largest markets for herbicide exported from Hong Kong SAR worldwide, with a combined 45% share of total exports.

Vietnam, with a CAGR of +23.3%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average herbicide export price stood at $X per ton in 2021, with an increase of 95% against the previous year. Overall, the export price continues to indicate a significant increase. The growth pace was the most rapid in 2013 when the average export price increased by 222%. The export price peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Macao SAR ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Turkey (+185.1%), while the prices for the other major destinations experienced mixed trend patterns.

Herbicide Imports

Imports into Hong Kong SAR, China

In 2021, overseas purchases of herbicides were finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. Overall, imports posted noticeable growth. The most prominent rate of growth was recorded in 2017 when imports increased by 128% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2021, the growth of imports remained at a lower figure.

In value terms, herbicide imports expanded notably to $X in 2021. Over the period under review, imports saw a pronounced expansion. The most prominent rate of growth was recorded in 2019 when imports increased by 137% against the previous year. As a result, imports reached the peak of $X. From 2020 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of herbicide to Hong Kong SAR, accounting for a 68% share of total imports. Moreover, herbicide imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), fivefold. The United States (X tons) ranked third in terms of total imports with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+7.1% per year) and the United States (+9.6% per year).

In value terms, China ($X) constituted the largest supplier of herbicides to Hong Kong SAR, comprising 52% of total imports. The second position in the ranking was held by the United States ($X), with a 26% share of total imports. It was followed by Taiwan (Chinese), with a 15% share.

From 2012 to 2021, the average annual growth rate of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+10.4% per year) and Taiwan (Chinese) (+6.6% per year).

Import Prices by Country

The average herbicide import price stood at $X per ton in 2021, dropping by -10.5% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when the average import price increased by 163% against the previous year. As a result, import price attained the peak level of $X per ton. From 2020 to 2021, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Australia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+0.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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