Hong Kong SAR, China: Market for Machine Tools For Working Metal Without Removing Metal 2024

Market Size for Machine Tools For Working Metal Without Removing Metal in Hong Kong SAR, China

After four years of growth, the Hong Kong machine tool for metal market decreased by -2.2% to $X in 2021. The market value increased at an average annual rate of +1.8% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. Machine tool for metal consumption peaked at $X in 2020, and then fell in the following year.

Production of Machine Tools For Working Metal Without Removing Metal in Hong Kong SAR, China

In value terms, machine tool for metal production declined slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.3% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The pace of growth was the most pronounced in 2019 with an increase of 5.3% against the previous year. Over the period under review, production attained the maximum level at $X in 2020, and then dropped modestly in the following year.

Exports of Machine Tools For Working Metal Without Removing Metal

Exports from Hong Kong SAR, China

In 2021, overseas shipments of machine tools for working metal without removing metal were finally on the rise to reach X units for the first time since 2016, thus ending a four-year declining trend. In general, exports, however, continue to indicate a drastic downturn. The exports peaked at X units in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, machine tool for metal exports soared to $X in 2021. Overall, exports saw temperate growth. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X units) was the main destination for machine tool for metal exports from Hong Kong SAR, accounting for a 75% share of total exports. Moreover, machine tool for metal exports to the United States exceeded the volume sent to the second major destination, China (X units), fivefold. The third position in this ranking was held by India (X units), with a 6.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States stood at +73.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-14.8% per year) and India (-10.5% per year).

In value terms, the largest markets for machine tool for metal exported from Hong Kong SAR were China ($X), India ($X) and the United States ($X), together comprising 99% of total exports.

The United States, with a CAGR of +65.0%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average machine tool for metal export price stood at $X per unit in 2021, declining by -21.1% against the previous year. Overall, the export price, however, posted a prominent expansion. The pace of growth was the most pronounced in 2017 when the average export price increased by 71%. The export price peaked at $X per unit in 2020, and then declined notably in the following year.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was India ($X per unit), while the average price for exports to the United States ($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 Bangladesh (+142.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Machine Tools For Working Metal Without Removing Metal

Imports into Hong Kong SAR, China

In 2021, supplies from abroad of machine tools for working metal without removing metal was finally on the rise to reach X units after three years of decline. Over the period under review, imports recorded prominent growth. Over the period under review, imports hit record highs at X units in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, machine tool for metal imports soared to $X in 2021. Overall, imports posted a perceptible expansion. Imports peaked at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest machine tool for metal supplier to Hong Kong SAR, with a 71% share of total imports. Moreover, machine tool for metal imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X units), fourfold. Japan (X units) ranked third in terms of total imports with a 5.4% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +23.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+3.9% per year) and Japan (-14.1% per year).

In value terms, China ($X) constituted the largest supplier of machine tools for working metal without removing metal to Hong Kong SAR, comprising 63% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 24% share of total imports. It was followed by Japan, with a 5.8% share.

From 2012 to 2021, the average annual growth rate of value from China totaled +29.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+5.0% per year) and Japan (-19.2% per year).

Import Prices by Country

The average machine tool for metal import price stood at $X per unit in 2021, waning by -20.7% against the previous year. Over the period under review, the import price saw a perceptible reduction. The most prominent rate of growth was recorded in 2016 an increase of 95% against the previous year. As a result, import price reached the peak level of $X per unit. From 2017 to 2021, the average import prices failed to regain momentum.

Prices varied noticeably country of origin: 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 United Arab Emirates (+19.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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