Hong Kong SAR, China: Leather Market 2022

Leather Market Size in Hong Kong SAR, China

In 2021, the Hong Kong leather market increased by 133% to $X for the first time since 2017, thus ending a three-year declining trend. In general, consumption, however, saw a deep setback. Over the period under review, the market reached the maximum level at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Leather Production in Hong Kong SAR, China

In value terms, leather production declined remarkably to $X in 2021 estimated in export price. Over the period under review, production showed a mild curtailment. The growth pace was the most rapid in 2016 with an increase of 904%. As a result, production attained the peak level of $X. From 2017 to 2021, production growth failed to regain momentum.

Leather Exports

Exports from Hong Kong SAR, China

For the ninth consecutive year, Hong Kong SAR recorded decline in overseas shipments of leather, which decreased by -9.9% to X tons in 2021. Overall, exports showed a abrupt descent. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, leather exports declined modestly to $X in 2021. In general, exports continue to indicate a deep setback. The pace of growth was the most pronounced in 2013 when exports increased by 5.4% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for leather exports from Hong Kong SAR, with a 98% share of total exports. Moreover, leather exports to China exceeded the volume sent to the second major destination, Vietnam (X tons), more than tenfold. Indonesia (X tons) ranked third in terms of total exports with a 3.5% share.

From 2012 to 2021, the average annual growth rate of volume to China totaled -17.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-16.8% per year) and Indonesia (-1.3% per year).

In value terms, China ($X) remains the key foreign market for leather exports from Hong Kong SAR, comprising 81% of total exports. The second position in the ranking was held by Vietnam ($X), with an 8.5% share of total exports. It was followed by Indonesia, with a 4.2% share.

From 2012 to 2021, the average annual growth rate of value to China amounted to -15.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-12.3% per year) and Indonesia (-1.1% per year).

Export Prices by Country

In 2021, the average leather export price amounted to $X per ton, increasing by 5.7% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.1%. The pace of growth was the most pronounced in 2013 when the average export price increased by 35% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2017; however, from 2018 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+19.4%), while the prices for the other major destinations experienced more modest paces of growth.

Leather Imports

Imports into Hong Kong SAR, China

In 2021, purchases abroad of leather increased by 16% to X tons for the first time since 2012, thus ending a eight-year declining trend. Overall, imports, however, faced a abrupt shrinkage. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, leather imports expanded remarkably to $X in 2021. Over the period under review, imports, however, faced a abrupt slump. Imports peaked at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

China (X tons), Brazil (X tons) and Italy (X tons) were the main suppliers of leather imports to Hong Kong SAR, with a combined 45% share of total imports. Vietnam, Turkey, Thailand, India, Argentina, Taiwan (Chinese), South Korea, Pakistan, the United States and Kenya lagged somewhat behind, together comprising a further 36%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Turkey (with a CAGR of +13.7%), while imports for the other leaders experienced a decline.

In value terms, China ($X), Italy ($X) and Thailand ($X) constituted the largest leather suppliers to Hong Kong SAR, together comprising 46% of total imports. Vietnam, Brazil, India, Argentina, South Korea, Taiwan (Chinese), Pakistan, Turkey, the United States and Kenya lagged somewhat behind, together accounting for a further 31%.

Among the main suppliers, Vietnam, with a CAGR of -3.2%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average leather import price stood at $X per ton in 2021, reducing by -5.9% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the average import price increased by 11%. As a result, import price reached the peak level of $X per ton. From 2016 to 2021, the average import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Thailand ($X per ton), while the price for Kenya ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+6.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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