Hong Kong SAR, China: Nails And Tacks Market 2024

Nails And Tacks Market Size in Hong Kong SAR, China

The Hong Kong nails and tacks market surged to $X in 2022, growing by 19% against the previous year. Overall, the total consumption indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +75.3% against 2020 indices. Over the period under review, the market attained the peak level in 2022 and is likely to see gradual growth in the near future.

Nails And Tacks Production in Hong Kong SAR, China

In value terms, nails and tacks production shrank to $X in 2022 estimated in export price. In general, the total production indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +9.0% against 2020 indices. The growth pace was the most rapid in 2015 with an increase of 44%. Nails and tacks production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Nails And Tacks Exports

Exports from Hong Kong SAR, China

In 2022, the amount of nails, tacks, drawing pins, corrugated nails, staples exported from Hong Kong SAR reduced sharply to X tons, waning by -72.7% against 2021 figures. Over the period under review, exports continue to indicate a precipitous descent. The pace of growth appeared the most rapid in 2021 when exports increased by 22%. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, nails and tacks exports contracted significantly to $X in 2022. In general, exports saw a significant decrease. The growth pace was the most rapid in 2021 when exports increased by 2.8% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for nails and tacks exports from Hong Kong SAR, accounting for a 34% share of total exports. Moreover, nails and tacks exports to China exceeded the volume sent to the second major destination, the United States (X tons), threefold. The third position in this ranking was taken by Canada (X tons), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China totaled -18.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-31.4% per year) and Canada (-4.5% per year).

In value terms, China ($X), the United States ($X) and Canada ($X) constituted the largest markets for nails and tacks exported from Hong Kong SAR worldwide, with a combined 52% share of total exports. Taiwan (Chinese), Japan, Vietnam, Macao SAR, Turkey, India, South Africa, Italy, Saudi Arabia and Mexico lagged somewhat behind, together comprising a further 27%.

In terms of the main countries of destination, Macao SAR, with a CAGR of +0.6%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average nails and tacks export price stood at $X per ton in 2022, with an increase of 39% against the previous year. Over the period under review, export price indicated a remarkable increase from 2012 to 2022: its price increased at an average annual rate of +6.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, nails and tacks export price increased by +53.3% against 2017 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to South Africa ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+9.8%), while the prices for the other major destinations experienced more modest paces of growth.

Nails And Tacks Imports

Imports into Hong Kong SAR, China

In 2022, purchases abroad of nails, tacks, drawing pins, corrugated nails, staples increased by 11% to X tons, rising for the second consecutive year after six years of decline. Overall, imports, however, showed a abrupt slump. The most prominent rate of growth was recorded in 2021 with an increase of 71%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, nails and tacks imports reduced modestly to $X in 2022. Over the period under review, imports, however, showed a abrupt downturn. The most prominent rate of growth was recorded in 2021 with an increase of 43%. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) was the main nails and tacks supplier to Hong Kong SAR, with a 96% share of total imports. It was followed by Malaysia (X tons), with a 2.5% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at -11.7%.

In value terms, China ($X) constituted the largest supplier of nails, tacks, drawing pins, corrugated nails, staples to Hong Kong SAR, comprising 84% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 5.6% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China stood at -13.3%.

Import Prices by Country

In 2022, the average nails and tacks import price amounted to $X per ton, falling by -12.7% against the previous year. In general, the import price saw a pronounced downturn. The pace of growth appeared the most rapid in 2019 an increase of 32% against the previous year. As a result, import price reached the peak level of $X per ton. From 2020 to 2022, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Malaysia ($X per ton), while the price for China totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+3.4%).

Source: IndexBox Platform

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