Hong Kong SAR, China: Market for Iron or Steel Gas Domestic Cooking Appliances and Plate Warmers 2024

Market Size for Iron or Steel Gas Domestic Cooking Appliances and Plate Warmers in Hong Kong SAR, China

In 2022, the Hong Kong market for iron or steel gas domestic cooking appliances and plate warmers increased by 1.2% to $X for the first time since 2019, thus ending a two-year declining trend. The market value increased at an average annual rate of +2.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market remained at a somewhat lower figure.

Exports of Iron or Steel Gas Domestic Cooking Appliances and Plate Warmers

Exports from Hong Kong SAR, China

After two years of growth, overseas shipments of iron or steel gas domestic cooking appliances and plate warmers decreased by -61.9% to X units in 2022. Overall, exports showed a deep setback. The most prominent rate of growth was recorded in 2020 with an increase of 161%. The exports peaked at X units in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, exports of iron or steel gas domestic cooking appliances and plate warmers contracted rapidly to $X in 2022. In general, exports showed a abrupt setback. The growth pace was the most rapid in 2014 with an increase of 132% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports of failed to regain momentum.

Exports by Country

China (X units), Macao SAR (X units) and Japan (X units) were the main destinations of exports of iron or steel gas domestic cooking appliances and plate warmers from Hong Kong SAR, together comprising 65% of total exports. Vietnam, the United States, Indonesia and France lagged somewhat behind, together comprising a further 32%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United States (with a CAGR of +102.3%), while the other leaders experienced more modest paces of growth.

In value terms, Macao SAR ($X) remains the key foreign market for iron or steel gas domestic cooking appliances and plate warmers exports from Hong Kong SAR, comprising 60% of total exports. The second position in the ranking was held by China ($X), with an 11% share of total exports. It was followed by the United States, with an 11% share.

From 2012 to 2022, the average annual growth rate of value to Macao SAR totaled -2.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-11.5% per year) and the United States (+58.4% per year).

Export Prices by Country

The average export price for iron or steel gas domestic cooking appliances and plate warmers stood at $X per unit in 2022, growing by 21% against the previous year. In general, the export price enjoyed a moderate expansion. The pace of growth was the most pronounced in 2013 when the average export price increased by 149% against the previous year. The export price peaked at $X per unit in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Macao SAR ($X per unit), while the average price for exports to Indonesia ($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 Macao SAR (+6.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Iron or Steel Gas Domestic Cooking Appliances and Plate Warmers

Imports into Hong Kong SAR, China

In 2022, supplies from abroad of iron or steel gas domestic cooking appliances and plate warmers decreased by -9.7% to X units, falling for the second year in a row after three years of growth. The total import volume increased at an average annual rate of +1.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2018 when imports increased by 26% against the previous year. Imports peaked at X units in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, imports of iron or steel gas domestic cooking appliances and plate warmers reduced to $X in 2022. Overall, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when imports increased by 6.6% against the previous year. Over the period under review, imports of attained the maximum at $X in 2021, and then shrank in the following year.

Imports by Country

In 2022, China (X units) constituted the largest iron or steel gas domestic cooking appliances and plate warmers supplier to Hong Kong SAR, accounting for a 52% share of total imports. Moreover, imports of iron or steel gas domestic cooking appliances and plate warmers from China exceeded the figures recorded by the second-largest supplier, Japan (X units), threefold. Taiwan (Chinese) (X units) ranked third in terms of total imports with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +1.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-1.1% per year) and Taiwan (Chinese) (+0.8% per year).

In value terms, Japan ($X), Taiwan (Chinese) ($X) and China ($X) were the largest iron or steel gas domestic cooking appliances and plate warmers suppliers to Hong Kong SAR, together accounting for 74% of total imports. Germany, Malaysia, Vietnam and South Korea lagged somewhat behind, together comprising a further 19%.

In terms of the main suppliers, Vietnam, with a CAGR of +8.3%, 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

The average import price for iron or steel gas domestic cooking appliances and plate warmers stood at $X per unit in 2022, which is down by -2% against the previous year. In general, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 24% against the previous year. The import price peaked at $X per unit in 2012; however, from 2013 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 Germany ($X per unit), while the price for South Korea ($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 (+4.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform