Hong Kong SAR, China: Keyboard Stringed Instrument Market 2024

Keyboard Stringed Instrument Market Size in Hong Kong SAR, China

The Hong Kong keyboard stringed instrument market amounted to $X in 2022, increasing by 12% against the previous year. Overall, consumption saw a remarkable increase. Keyboard stringed instrument consumption peaked in 2022 and is expected to retain growth in the near future.

Keyboard Stringed Instrument Production in Hong Kong SAR, China

In value terms, keyboard stringed instrument production stood at $X in 2022 estimated in export price. Overall, the total production indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.1% against 2020 indices. The pace of growth was the most pronounced in 2014 when the production volume increased by 41% against the previous year. Over the period under review, production hit record highs at $X in 2020; afterwards, it flattened through to 2022.

Keyboard Stringed Instrument Exports

Exports from Hong Kong SAR, China

In 2022, exports of keyboard stringed instruments from Hong Kong SAR reduced to X units, dropping by -13.6% against the year before. Over the period under review, exports faced a drastic downturn. The growth pace was the most rapid in 2016 with an increase of 78%. Over the period under review, the exports attained the peak figure at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, keyboard stringed instrument exports declined to $X in 2022. In general, exports saw a pronounced contraction. The growth pace was the most rapid in 2016 when exports increased by 181% against the previous year. As a result, the exports attained the peak of $X. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Cyprus (X units), the UK (X units) and Ghana (X units) were the main destinations of keyboard stringed instrument exports from Hong Kong SAR, together comprising 55% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the UK (with a CAGR of +28.2%), while the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), Greece ($X) and the UK ($X) appeared to be the largest markets for keyboard stringed instrument exported from Hong Kong SAR worldwide, with a combined 21% share of total exports.

Among the main countries of destination, the Netherlands, with a CAGR of +45.8%, saw 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

The average keyboard stringed instrument export price stood at $X per unit in 2022, approximately equating the previous year. Over the period under review, the export price enjoyed resilient growth. The pace of growth appeared the most rapid in 2014 an increase of 132%. Over the period under review, the average export prices reached the maximum at $X per unit in 2020; afterwards, it flattened through to 2022.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Netherlands ($X per unit), while the average price for exports to Ghana ($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 Angola (+14.9%), while the prices for the other major destinations experienced more modest paces of growth.

Keyboard Stringed Instrument Imports

Imports into Hong Kong SAR, China

After two years of decline, overseas purchases of keyboard stringed instruments increased by 325% to X units in 2022. Over the period under review, imports recorded resilient growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, keyboard stringed instrument imports surged to $X in 2022. Overall, imports posted a tangible expansion. Imports peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest keyboard stringed instrument supplier to Hong Kong SAR, accounting for a 65% share of total imports. Moreover, keyboard stringed instrument imports from China exceeded the figures recorded by the second-largest supplier, the UK (X units), sixfold. The third position in this ranking was taken by Australia (X units), with a 5.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +36.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+14.9% per year) and Australia (+14.9% per year).

In value terms, France ($X), the Netherlands ($X) and China ($X) appeared to be the largest keyboard stringed instrument suppliers to Hong Kong SAR, together accounting for 49% of total imports.

The Netherlands, with a CAGR of +49.0%, recorded the highest rates of growth with regard to the value of imports, among 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 2022, the average keyboard stringed instrument import price amounted to $X per unit, which is down by -17.5% against the previous year. Overall, the import price showed a abrupt contraction. The pace of growth was the most pronounced in 2013 an increase of 71% against the previous year. As a result, import price reached the peak level of $X per unit. From 2014 to 2022, the average 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 Germany ($X per unit), while the price for Indonesia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+56.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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