Hong Kong SAR, China: Industrial Sewing Machine Market 2024

Industrial Sewing Machine Market Size in Hong Kong SAR, China

The Hong Kong industrial sewing machine market declined notably to $X in 2022, with a decrease of -21.1% against the previous year. In general, consumption recorded a deep contraction. Industrial sewing machine consumption peaked at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Industrial Sewing Machine Production in Hong Kong SAR, China

In value terms, industrial sewing machine production stood at $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a pronounced shrinkage. The most prominent rate of growth was recorded in 2016 when the production volume increased by 97%. As a result, production reached the peak level of $X. From 2017 to 2022, production growth remained at a somewhat lower figure.

Industrial Sewing Machine Exports

Exports from Hong Kong SAR, China

In 2022, exports of industrial sewing machines from Hong Kong SAR shrank to X units, with a decrease of -6% on 2021. In general, exports recorded a noticeable decline. The most prominent rate of growth was recorded in 2021 with an increase of 42%. Over the period under review, the exports reached the maximum at X units in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, industrial sewing machine exports shrank to $X in 2022. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 55% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

Bangladesh (X units), Vietnam (X units) and India (X units) were the main destinations of industrial sewing machine exports from Hong Kong SAR, together accounting for 57% of total exports. Indonesia, Cambodia, Myanmar, Singapore, Turkey, China, Pakistan and the Philippines lagged somewhat behind, together accounting for a further 32%.

From 2012 to 2022, the biggest increases were recorded for Myanmar (with a CAGR of +33.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), Bangladesh ($X) and India ($X) were the largest markets for industrial sewing machine exported from Hong Kong SAR worldwide, together accounting for 65% of total exports. Indonesia, China, Cambodia, Myanmar, Singapore, Turkey, the Philippines and Pakistan lagged somewhat behind, together accounting for a further 26%.

Among the main countries of destination, Myanmar, with a CAGR of +26.9%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average industrial sewing machine export price amounted to $X per unit, waning by -2.4% against the previous year. Overall, export price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, industrial sewing machine export price increased by +6.5% against 2020 indices. The growth pace was the most rapid in 2017 an increase of 31%. The export price peaked at $X per unit in 2019; however, from 2020 to 2022, 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 ($X per unit), while the average price for exports to Pakistan ($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 the Philippines (+21.7%), while the prices for the other major destinations experienced more modest paces of growth.

Industrial Sewing Machine Imports

Imports into Hong Kong SAR, China

In 2022, imports of industrial sewing machines into Hong Kong SAR reduced to X units, with a decrease of -9.5% against 2021 figures. Over the period under review, imports saw a noticeable descent. The growth pace was the most rapid in 2021 with an increase of 54% against the previous year. Imports peaked at X units in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, industrial sewing machine imports contracted sharply to $X in 2022. Overall, imports saw a pronounced setback. The growth pace was the most rapid in 2021 with an increase of 59%. Imports peaked at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

China (X units), Japan (X units) and Singapore (X units) were the main suppliers of industrial sewing machine imports to Hong Kong SAR, together comprising 84% of total imports. Vietnam, the Philippines and Malaysia lagged somewhat behind, together accounting for a further 14%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Malaysia (with a CAGR of +26.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), China ($X) and Vietnam ($X) constituted the largest industrial sewing machine suppliers to Hong Kong SAR, together accounting for 86% of total imports. Singapore, Malaysia and the Philippines lagged somewhat behind, together comprising a further 12%.

Among the main suppliers, Malaysia, with a CAGR of +52.1%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average industrial sewing machine import price amounted to $X per unit, waning by -6.9% against the previous year. Over the period under review, import price indicated a modest increase from 2012 to 2022: its price increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, industrial sewing machine import price decreased by -20.8% against 2019 indices. The pace of growth appeared the most rapid in 2017 when the average import price increased by 18%. The import price peaked at $X per unit in 2019; however, from 2020 to 2022, 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 Vietnam ($X per unit), while the price for the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+20.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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