Hong Kong SAR, China: Market for Machines For Preparing, Weaving And Knitting Textiles 2024

Market Size for Machines For Preparing, Weaving And Knitting Textiles in Hong Kong SAR, China

In 2021, the Hong Kong market for machines for preparing, weaving and knitting textiles decreased by -18.7% to $X, falling for the third year in a row after two years of growth. Over the period under review, consumption continues to indicate a abrupt contraction. Textile weaving and knitting machinery consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Production of Machines For Preparing, Weaving And Knitting Textiles in Hong Kong SAR, China

In value terms, textile weaving and knitting machinery production plummeted to $X in 2021 estimated in export price. Over the period under review, production faced a significant curtailment. The most prominent rate of growth was recorded in 2016 with an increase of 98% against the previous year. Textile weaving and knitting machinery production peaked at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

Exports of Machines For Preparing, Weaving And Knitting Textiles

Exports from Hong Kong SAR, China

In 2021, the amount of machines for preparing, weaving and knitting textiles exported from Hong Kong SAR shrank significantly to X units, with a decrease of -30.4% compared with 2020. In general, exports showed a dramatic contraction. The most prominent rate of growth was recorded in 2013 when exports increased by 101%. As a result, the exports attained the peak of X units. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, textile weaving and knitting machinery exports dropped markedly to $X in 2021. Over the period under review, exports showed a abrupt descent. The pace of growth was the most pronounced in 2013 with an increase of 103%. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

China (X units), India (X units) and Cambodia (X units) were the main destinations of textile weaving and knitting machinery exports from Hong Kong SAR, together comprising 66% of total exports. The United States, Italy, Indonesia and Brazil lagged somewhat behind, together accounting for a further 19%.

From 2012 to 2021, the biggest increases were recorded for Brazil (with a CAGR of -1.8%), while shipments for the other leaders experienced a decline.

In value terms, India ($X) remains the key foreign market for machines for preparing, weaving and knitting textiles exports from Hong Kong SAR, comprising 63% of total exports. The second position in the ranking was taken by China ($X), with a 14% share of total exports. It was followed by Indonesia, with a 3.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value to India stood at +19.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-28.9% per year) and Indonesia (-23.4% per year).

Export Prices by Country

The average export price for machines for preparing, weaving and knitting textiles stood at $X per unit in 2021, increasing by 19% against the previous year. In general, the export price posted a strong increase. The most prominent rate of growth was recorded in 2019 when the average export price increased by 31%. Over the period under review, the average export prices reached the peak figure in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was India ($X per unit), while the average price for exports to Italy ($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 India (+25.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Machines For Preparing, Weaving And Knitting Textiles

Imports into Hong Kong SAR, China

For the fourth year in a row, Hong Kong SAR recorded decline in overseas purchases of machines for preparing, weaving and knitting textiles, which decreased by -27.5% to X units in 2021. Overall, imports saw a sharp curtailment. The pace of growth appeared the most rapid in 2017 when imports increased by 118% against the previous year. Imports peaked at X units in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, textile weaving and knitting machinery imports plummeted to $X in 2021. Over the period under review, imports showed a precipitous descent. The most prominent rate of growth was recorded in 2017 when imports increased by 107% against the previous year. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, India (X units) constituted the largest textile weaving and knitting machinery supplier to Hong Kong SAR, accounting for a 51% share of total imports. Moreover, textile weaving and knitting machinery imports from India exceeded the figures recorded by the second-largest supplier, China (X units), fourfold. The third position in this ranking was taken by Italy (X units), with a 14% share.

From 2012 to 2021, the average annual growth rate of volume from India totaled +29.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-23.1% per year) and Italy (-3.6% per year).

In value terms, India ($X) constituted the largest supplier of machines for preparing, weaving and knitting textiles to Hong Kong SAR, comprising 38% of total imports. The second position in the ranking was held by China ($X), with a 17% share of total imports. It was followed by Italy, with a 12% share.

From 2012 to 2021, the average annual growth rate of value from India stood at +28.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-20.3% per year) and Italy (-13.9% per year).

Import Prices by Country

In 2021, the average import price for machines for preparing, weaving and knitting textiles amounted to $X per unit, increasing by 10% against the previous year. Overall, import price indicated a mild expansion from 2012 to 2021: its price increased at an average annual rate of +1.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, textile weaving and knitting machinery import price increased by +24.7% against 2018 indices. The most prominent rate of growth was recorded in 2014 an increase of 71%. As a result, import price attained the peak level of $X per unit. From 2015 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Germany ($X per unit), while the price for India ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+8.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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