Hong Kong SAR, China: Public Works Machinery Market 2024

Public Works Machinery Market Size in Hong Kong SAR, China

In 2021, the Hong Kong public works machinery market decreased by -19.2% to $X, falling for the third consecutive year after three years of growth. Overall, consumption, however, recorded a noticeable expansion. Public works machinery consumption peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Public Works Machinery Production in Hong Kong SAR, China

In value terms, public works machinery production rose markedly to $X in 2021 estimated in export price. Over the period under review, production recorded a remarkable increase. The pace of growth was the most pronounced in 2019 when the production volume increased by 55% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2021, production growth remained at a lower figure.

Public Works Machinery Exports

Exports from Hong Kong SAR, China

In 2021, approx. X units of machinery for public works and building were exported from Hong Kong SAR; jumping by 92% against 2020. Overall, exports, however, showed a significant curtailment. The most prominent rate of growth was recorded in 2019 with an increase of 160% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, public works machinery exports dropped remarkably to $X in 2021. In general, exports, however, showed a dramatic curtailment. The growth pace was the most rapid in 2019 with an increase of 100%. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China (X units), the Philippines (X units) and Bangladesh (X units) were the main destinations of public works machinery exports from Hong Kong SAR.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Bangladesh (with a CAGR of +10.4%), while the other leaders experienced a decline.

In value terms, the Philippines ($X), Bangladesh ($X) and China ($X) appeared to be the largest markets for public works machinery exported from Hong Kong SAR worldwide.

Bangladesh, with a CAGR of +19.0%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average public works machinery export price stood at $X per unit in 2021, shrinking by -71% against the previous year. Over the period under review, the export price showed a abrupt downturn. The most prominent rate of growth was recorded in 2018 when the average export price increased by 263%. As a result, the export price attained the peak level of $X per unit. From 2019 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Bangladesh ($X per unit), while the average price for exports to China ($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 Indonesia (+28.8%), while the prices for the other major destinations experienced more modest paces of growth.

Public Works Machinery Imports

Imports into Hong Kong SAR, China

Public works machinery imports into Hong Kong SAR reduced notably to X units in 2021, shrinking by -70.8% against the previous year's figure. Over the period under review, imports saw a significant decrease. The most prominent rate of growth was recorded in 2020 when imports increased by 138% against the previous year. Over the period under review, imports hit record highs at X units in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, public works machinery imports skyrocketed to $X in 2021. In general, imports recorded a pronounced descent. The growth pace was the most rapid in 2020 with an increase of 185%. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest public works machinery supplier to Hong Kong SAR, accounting for a 90% share of total imports. Moreover, public works machinery imports from China exceeded the figures recorded by the second-largest supplier, Germany (X units), more than tenfold. Japan (X units) ranked third in terms of total imports with a 2.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +7.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-28.8% per year) and Japan (-29.8% per year).

In value terms, China ($X) constituted the largest supplier of machinery for public works and building to Hong Kong SAR, comprising 87% of total imports. The second position in the ranking was taken by Germany ($X), with a 6.5% share of total imports. It was followed by Macao SAR, with a 5.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +39.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-8.3% per year) and Macao SAR (+31.3% per year).

Import Prices by Country

In 2021, the average public works machinery import price amounted to $X per unit, jumping by 427% against the previous year. Over the period under review, the import price recorded a significant expansion. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Macao SAR ($X per unit), while the price for Japan ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Finland (+67.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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