Hong Kong SAR, China: Market for Industrial Automatic Sewing Machines 2024

Market Size for Industrial Automatic Sewing Machines in Hong Kong SAR, China

In 2022, the Hong Kong industrial automatic sewing machine market increased by 2.9% to $X, rising for the second consecutive year after two years of decline. Over the period under review, the total consumption indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +54.0% against 2020 indices. Over the period under review, the market attained the peak level at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Production of Industrial Automatic Sewing Machines in Hong Kong SAR, China

In value terms, industrial automatic sewing machine production contracted slightly to $X in 2022 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 20% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Exports of Industrial Automatic Sewing Machines

Exports from Hong Kong SAR, China

Industrial automatic sewing machine exports from Hong Kong SAR fell notably to X units in 2022, declining by -38.1% against the year before. In general, exports saw a pronounced shrinkage. The most prominent rate of growth was recorded in 2013 with an increase of 142% against the previous year. Over the period under review, the exports reached the maximum at X units in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, industrial automatic sewing machine exports reduced sharply to $X in 2022. Overall, exports saw a pronounced contraction. The most prominent rate of growth was recorded in 2017 with an increase of 65%. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Vietnam (X units) was the main destination for industrial automatic sewing machine exports from Hong Kong SAR, accounting for a 43% share of total exports. Moreover, industrial automatic sewing machine exports to Vietnam exceeded the volume sent to the second major destination, China (X units), threefold. The third position in this ranking was taken by Indonesia (X units), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Vietnam totaled -3.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-10.5% per year) and Indonesia (+12.4% per year).

In value terms, Vietnam ($X) remains the key foreign market for industrial automatic sewing machines exports from Hong Kong SAR, comprising 44% of total exports. The second position in the ranking was held by Indonesia ($X), with a 16% share of total exports. It was followed by India, with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Vietnam totaled -1.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+0.9% per year) and India (+53.6% per year).

Export Prices by Country

In 2022, the average industrial automatic sewing machine export price amounted to $X per unit, dropping by -12.3% against the previous year. Over the period under review, the export price continues to indicate a slight decline. The most prominent rate of growth was recorded in 2019 an increase of 41%. As a result, the export price attained the peak level of $X per unit. From 2020 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Indonesia ($X per unit), while the average price for exports to Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+14.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Industrial Automatic Sewing Machines

Imports into Hong Kong SAR, China

In 2022, industrial automatic sewing machine imports into Hong Kong SAR fell dramatically to X units, waning by -22.4% against 2021. Over the period under review, imports, however, saw pronounced growth. The most prominent rate of growth was recorded in 2013 when imports increased by 235%. Over the period under review, imports reached the peak figure at X units in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, industrial automatic sewing machine imports fell sharply to $X in 2022. Overall, imports saw a pronounced slump. The pace of growth appeared the most rapid in 2021 with an increase of 91%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

Singapore (X units), China (X units) and Vietnam (X units) were the main suppliers of industrial automatic sewing machine imports to Hong Kong SAR, with a combined 83% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +36.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), Japan ($X) and Singapore ($X) appeared to be the largest industrial automatic sewing machine suppliers to Hong Kong SAR, together comprising 88% of total imports.

In terms of the main suppliers, Vietnam, with a CAGR of +34.3%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average industrial automatic sewing machine import price amounted to $X per unit, which is down by -51.5% against the previous year. In general, the import price continues to indicate a abrupt setback. The most prominent rate of growth was recorded in 2019 when the average import price increased by 45%. Over the period under review, average import prices reached the maximum at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (-1.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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