Hong Kong SAR, China: Household Sewing Machine Market 2024

Household Sewing Machine Market Size in Hong Kong SAR, China

The Hong Kong household sewing machine market expanded rapidly to $X in 2021, with an increase of 6.8% against the previous year. In general, consumption, however, showed a slight setback. Household sewing machine consumption peaked at $X in 2013; however, from 2014 to 2021, consumption remained at a lower figure.

Household Sewing Machine Production in Hong Kong SAR, China

In value terms, household sewing machine production totaled $X in 2021 estimated in export price. Overall, the total production indicated pronounced growth from 2012 to 2021: its value increased at an average annual rate of +2.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +63.5% against 2018 indices. The growth pace was the most rapid in 2019 with an increase of 66% against the previous year. Household sewing machine production peaked at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

Household Sewing Machine Exports

Exports from Hong Kong SAR, China

In 2021, shipments abroad of household sewing machines decreased by -36.6% to X units for the first time since 2018, thus ending a two-year rising trend. In general, exports recorded a abrupt decrease. The most prominent rate of growth was recorded in 2019 with an increase of 150% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, household sewing machine exports skyrocketed to $X in 2021. Overall, exports faced a abrupt slump. The pace of growth appeared the most rapid in 2019 with an increase of 79% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units) was the main destination for household sewing machine exports from Hong Kong SAR, accounting for a 75% share of total exports. Moreover, household sewing machine exports to the United States exceeded the volume sent to the second major destination, China (X units), fourfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States amounted to +28.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-0.6% per year) and Vietnam (-38.2% per year).

In value terms, China ($X) emerged as the key foreign market for household sewing machines exports from Hong Kong SAR, comprising 61% of total exports. The second position in the ranking was taken by the United States ($X), with a 21% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to China totaled -1.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+5.4% per year) and Vietnam (-38.7% per year).

Export Prices by Country

The average household sewing machine export price stood at $X per unit in 2021, rising by 87% against the previous year. Overall, the export price enjoyed mild growth. 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 remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to the United States ($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 Switzerland (+44.3%), while the prices for the other major destinations experienced a decline.

Household Sewing Machine Imports

Imports into Hong Kong SAR, China

In 2021, imports of household sewing machines into Hong Kong SAR dropped sharply to X units, which is down by -25.3% on the year before. Over the period under review, imports recorded a sharp contraction. The most prominent rate of growth was recorded in 2017 with an increase of 7.2% against the previous year. Over the period under review, imports hit record highs at X units in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, household sewing machine imports fell rapidly to $X in 2021. Overall, imports recorded a abrupt decrease. The growth pace was the most rapid in 2017 when imports increased by 56%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Vietnam (X units) constituted the largest household sewing machine supplier to Hong Kong SAR, with a 70% share of total imports. Moreover, household sewing machine imports from Vietnam exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X units), fourfold. The third position in this ranking was taken by China (X units), with a 5.8% share.

From 2012 to 2021, the average annual growth rate of volume from Vietnam stood at +47.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-5.7% per year) and China (-48.1% per year).

In value terms, Vietnam ($X), Taiwan (Chinese) ($X) and Thailand ($X) were the largest household sewing machine suppliers to Hong Kong SAR, together comprising 94% of total imports.

Vietnam, with a CAGR of +37.4%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2021, the average household sewing machine import price amounted to $X per unit, growing by 11% against the previous year. Overall, the import price continues to indicate prominent growth. The pace of growth was the most pronounced in 2013 when the average import price increased by 75%. The import price peaked at $X per unit in 2017; however, from 2018 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per unit), while the price for Vietnam ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+16.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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