Hong Kong SAR, China: Maize Oil Market 2024

Maize Oil Market Size in Hong Kong SAR, China

The Hong Kong maize oil market reached $X in 2022, with an increase of 5% against the previous year. The market value increased at an average annual rate of +2.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Maize Oil Production in Hong Kong SAR, China

In value terms, maize oil production rose rapidly to $X in 2022 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the production volume increased by 25% against the previous year. Over the period under review, production attained the peak level at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Maize Oil Exports

Exports from Hong Kong SAR, China

In 2022, the amount of maize oil exported from Hong Kong SAR reduced to X tons, waning by -6.3% against 2021 figures. In general, exports recorded a mild downturn. The growth pace was the most rapid in 2014 when exports increased by 29% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, maize oil exports rose markedly to $X in 2022. Overall, total exports indicated a slight increase from 2012 to 2022: its value increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +25.2% against 2018 indices. The most prominent rate of growth was recorded in 2017 with an increase of 29% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Macao SAR (X tons) was the main destination for maize oil exports from Hong Kong SAR, accounting for a 72% share of total exports. Moreover, maize oil exports to Macao SAR exceeded the volume sent to the second major destination, China (X tons), sevenfold. The United States (X tons) ranked third in terms of total exports with an 8.7% share.

From 2012 to 2022, the average annual growth rate of volume to Macao SAR was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-12.7% per year) and the United States (+12.3% per year).

In value terms, Macao SAR ($X) remains the key foreign market for maize oil exports from Hong Kong SAR, comprising 70% of total exports. The second position in the ranking was taken by the United States ($X), with an 11% share of total exports. It was followed by China, with a 9.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Macao SAR totaled +2.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+14.3% per year) and China (-8.6% per year).

Export Prices by Country

The average maize oil export price stood at $X per ton in 2022, with an increase of 18% against the previous year. Over the last decade, it increased at an average annual rate of +2.8%. The pace of growth was the most pronounced in 2021 an increase of 21% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is likely to continue growth in the near future.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to the United States ($X per ton) and Australia ($X per ton), while the average price for exports to China ($X per ton) and Macao SAR ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+6.7%), while the prices for the other major destinations experienced more modest paces of growth.

Maize Oil Imports

Imports into Hong Kong SAR, China

In 2022, approx. X tons of maize oil were imported into Hong Kong SAR; shrinking by -7.1% compared with the year before. Over the period under review, imports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2020 when imports increased by 37%. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, maize oil imports rose rapidly to $X in 2022. Overall, total imports indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +69.5% against 2019 indices. The most prominent rate of growth was recorded in 2020 when imports increased by 47% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of maize oil to Hong Kong SAR, with a 78% share of total imports. Moreover, maize oil imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), sevenfold. The third position in this ranking was held by South Korea (X tons), with a 9.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +2.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-0.6% per year) and South Korea (-3.0% per year).

In value terms, China ($X) constituted the largest supplier of maize oil to Hong Kong SAR, comprising 76% of total imports. The second position in the ranking was held by Malaysia ($X), with a 13% share of total imports. It was followed by South Korea, with a 9.2% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to +4.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+0.1% per year) and South Korea (-1.2% per year).

Import Prices by Country

In 2022, the average maize oil import price amounted to $X per ton, jumping by 19% against the previous year. Over the last decade, it increased at an average annual rate of +1.6%. The pace of growth appeared the most rapid in 2021 when the average import price increased by 29%. The import price peaked in 2022 and is likely to see gradual growth in years to come.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Malaysia ($X per ton) and Spain ($X per ton), while the price for South Korea ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+6.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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