Hong Kong SAR, China: Market for Machine Tools For Working Metal 2024

Market Size for Machine Tools For Working Metal in Hong Kong SAR, China

In 2021, the Hong Kong machine-tool for working metal market decreased by -29.8% to $X for the first time since 2018, thus ending a two-year rising trend. In general, consumption recorded a deep reduction. Machine-tool for working metal consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Production of Machine Tools For Working Metal in Hong Kong SAR, China

In value terms, machine-tool for working metal production soared to $X in 2021 estimated in export price. In general, production saw a prominent expansion. The pace of growth appeared the most rapid in 2019 with an increase of 134%. As a result, production attained the peak level of $X. From 2020 to 2021, production growth failed to regain momentum.

Exports of Machine Tools For Working Metal

Exports from Hong Kong SAR, China

Machine-tool for working metal exports from Hong Kong SAR skyrocketed to X units in 2021, surging by 218% against 2020 figures. Overall, exports saw a strong increase. The most prominent rate of growth was recorded in 2018 with an increase of 321%. The exports peaked in 2021 and are expected to retain growth in the near future.

In value terms, machine-tool for working metal exports surged to $X in 2021. In general, exports, however, recorded a noticeable contraction. The pace of growth was the most pronounced in 2018 when exports increased by 93%. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Chile (X units) was the main destination for machine-tool for working metal exports from Hong Kong SAR, with a 8.4% share of total exports. Moreover, machine-tool for working metal exports to Chile exceeded the volume sent to the second major destination, China (X units), twofold. The third position in this ranking was held by Bolivia (X units), with a 3.1% share.

From 2012 to 2021, the average annual growth rate of volume to Chile stood at +154.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+10.7% per year) and Bolivia (+63.5% per year).

In value terms, China ($X) remains the key foreign market for machine tools for working metal exports from Hong Kong SAR, comprising 68% of total exports. The second position in the ranking was taken by Brazil ($X), with a 0.6% share of total exports. It was followed by Nigeria, with a 0.4% share.

From 2012 to 2021, the average annual growth rate of value to China stood at -2.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (+36.9% per year) and Nigeria (+23.5% per year).

Export Prices by Country

In 2021, the average machine-tool for working metal export price amounted to $X per unit, with a decrease of -59.3% against the previous year. Over the period under review, the export price showed a abrupt slump. The most prominent rate of growth was recorded in 2016 when the average export price increased by 443%. The export price peaked at $X per unit in 2017; however, from 2018 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was China ($X per unit), while the average price for exports to Bolivia ($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 Papua New Guinea (+138.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Machine Tools For Working Metal

Imports into Hong Kong SAR, China

In 2021, supplies from abroad of machine tools for working metal decreased by -22% to X units for the first time since 2018, thus ending a two-year rising trend. Over the period under review, imports faced a significant curtailment. The growth pace was the most rapid in 2017 with an increase of 87%. Imports peaked at X units in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, machine-tool for working metal imports surged to $X in 2021. Overall, imports recorded a deep slump. The pace of growth appeared the most rapid in 2020 with an increase of 43%. Over the period under review, imports reached the peak figure at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest supplier of machine-tool for working metal to Hong Kong SAR, accounting for a 36% share of total imports. Moreover, machine-tool for working metal imports from China exceeded the figures recorded by the second-largest supplier, Australia (X units), threefold. The third position in this ranking was held by Japan (X units), with a 6% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled -21.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+40.2% per year) and Japan (-32.4% per year).

In value terms, Japan ($X), China ($X) and the United States ($X) constituted the largest machine-tool for working metal suppliers to Hong Kong SAR, with a combined 64% share of total imports. These countries were followed by Russia, the UK, the Czech Republic, Australia and the United Arab Emirates, which together accounted for a further 0.5%.

The Czech Republic, with a CAGR of -1.3%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2021, the average machine-tool for working metal import price amounted to $X per unit, surging by 62% against the previous year. Overall, the import price recorded significant growth. The most prominent rate of growth was recorded in 2016 an increase of 106%. Over the period under review, average import prices reached the peak figure in 2021 and is likely to see steady growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Japan ($X per unit), while the price for Australia ($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 United Arab Emirates (+112.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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