Hong Kong SAR, China: Measuring Instrument Market 2022

Measuring Instrument Market Size in Hong Kong SAR, China

For the third consecutive year, the Hong Kong measuring instrument market recorded growth in sales value, which increased by 34% to $X in 2021. Overall, consumption saw a buoyant expansion. Measuring instrument consumption peaked in 2021 and is likely to see gradual growth in the near future.

Measuring Instrument Exports

Exports from Hong Kong SAR, China

In 2021, shipments abroad of instruments and apparatus for measuring or checking the flow or level of liquids decreased by -1.4% to X units, falling for the third consecutive year after three years of growth. In general, exports, however, recorded a significant expansion. The growth pace was the most rapid in 2014 when exports increased by 156% against the previous year. The exports peaked at X units in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, measuring instrument exports reduced to $X in 2021. Overall, exports continue to indicate a noticeable contraction. The most prominent rate of growth was recorded in 2014 with an increase of 42%. As a result, the exports reached the peak of $X. From 2015 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

China (X units) was the main destination for measuring instrument exports from Hong Kong SAR, with a 75% share of total exports. Moreover, measuring instrument exports to China exceeded the volume sent to the second major destination, the United States (X units), sevenfold. The third position in this ranking was taken by France (X units), with an 8.9% share.

From 2012 to 2021, the average annual growth rate of volume to China amounted to +22.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+40.4% per year) and France (+22.8% per year).

In value terms, China ($X) remains the key foreign market for measuring instrument exports from Hong Kong SAR, comprising 60% of total exports. The second position in the ranking was taken by Germany ($X), with a 7.4% share of total exports. It was followed by the United States, with a 7.3% share.

From 2012 to 2021, the average annual growth rate of value to China amounted to -5.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+17.3% per year) and the United States (+11.3% per year).

Export Prices by Country

In 2021, the average measuring instrument export price amounted to $X per unit, therefore, remained relatively stable against the previous year. Overall, the export price, however, saw a dramatic downturn. The pace of growth was the most pronounced in 2015 when the average export price increased by 22% against the previous year. The export price peaked at $X per unit in 2012; however, from 2013 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, the country with the highest price was Germany ($X per unit), while the average price for exports to France ($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 Germany (+4.5%), while the prices for the other major destinations experienced a decline.

Measuring Instrument Imports

Imports into Hong Kong SAR, China

In 2021, purchases abroad of instruments and apparatus for measuring or checking the flow or level of liquids increased by 22% to X units, rising for the fifth consecutive year after two years of decline. Over the period under review, imports continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2018 with an increase of 122% against the previous year. Imports peaked in 2021 and are expected to retain growth in years to come.

In value terms, measuring instrument imports rose to $X in 2021. Overall, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when imports increased by 44%. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X units) constituted the largest supplier of measuring instrument to Hong Kong SAR, accounting for a 84% share of total imports. Moreover, measuring instrument imports from China exceeded the figures recorded by the second-largest supplier, Germany (X units), more than tenfold. The United States (X units) ranked third in terms of total imports with a 3.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +28.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+12.1% per year) and the United States (+12.5% per year).

In value terms, the largest measuring instrument suppliers to Hong Kong SAR were China ($X), Germany ($X) and the UK ($X), together accounting for 64% of total imports. Switzerland and the United States lagged somewhat behind, together accounting for a further 17%.

Switzerland, with a CAGR of +6.7%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average measuring instrument import price amounted to $X per unit, with a decrease of -16.5% against the previous year. In general, the import price showed a precipitous setback. The most prominent rate of growth was recorded in 2015 when the average import price increased by 17%. The import price peaked at $X per unit in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Germany ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the UK (-11.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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