Hong Kong SAR, China: Natural Cork Market 2024

Natural Cork Market Size in Hong Kong SAR, China

The Hong Kong natural cork market dropped modestly to $X in 2021, declining by -2.2% against the previous year. In general, consumption, however, showed a slight slump. Natural cork consumption peaked at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Natural Cork Production in Hong Kong SAR, China

In value terms, natural cork production declined to $X in 2021 estimated in export price. Over the period under review, the total production indicated a measured increase from 2012 to 2021: its value increased at an average annual rate of +4.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +3.4% against 2019 indices. The pace of growth appeared the most rapid in 2016 when the production volume increased by 53%. As a result, production attained the peak level of $X. From 2017 to 2021, production growth remained at a somewhat lower figure.

Natural Cork Exports

Exports from Hong Kong SAR, China

Natural cork exports from Hong Kong SAR rose notably to X tons in 2021, with an increase of 6.3% on the previous year's figure. Over the period under review, exports, however, showed a deep contraction. The pace of growth appeared the most rapid in 2019 when exports increased by 260%. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, natural cork exports surged to $X in 2021. Overall, exports enjoyed pronounced growth. The most prominent rate of growth was recorded in 2019 with an increase of 164%. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

Panama (X tons) was the main destination for natural cork exports from Hong Kong SAR, with a 86% share of total exports. Moreover, natural cork exports to Panama exceeded the volume sent to the second major destination, Nigeria (X kg), more than tenfold. The third position in this ranking was held by China (X kg), with a 2.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Panama totaled +33.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nigeria (-19.1% per year) and China (-21.2% per year).

In value terms, Panama ($X) remains the key foreign market for natural cork debacked or roughly squared exports from Hong Kong SAR, comprising 95% of total exports. The second position in the ranking was held by China ($X), with a 1.5% share of total exports. It was followed by India, with a 1.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Panama stood at +38.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-21.5% per year) and India (-14.6% per year).

Export Prices by Country

The average natural cork export price stood at $X per ton in 2021, picking up by 13% against the previous year. Overall, the export price recorded a buoyant increase. The most prominent rate of growth was recorded in 2014 an increase of 99%. Over the period under review, the average export prices attained the maximum at $X per ton in 2016; however, from 2017 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Panama ($X per ton), while the average price for exports to Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+18.3%), while the prices for the other major destinations experienced mixed trend patterns.

Natural Cork Imports

Imports into Hong Kong SAR, China

In 2021, overseas purchases of natural cork debacked or roughly squared increased by 14% to X tons, rising for the second consecutive year after four years of decline. In general, imports, however, continue to indicate a dramatic contraction. The most prominent rate of growth was recorded in 2013 when imports increased by 59% against the previous year. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, natural cork imports surged to $X in 2021. Overall, imports, however, saw a sharp setback. The most prominent rate of growth was recorded in 2020 with an increase of 966% against the previous year. Imports peaked at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest natural cork supplier to Hong Kong SAR, accounting for a 78% share of total imports. Moreover, natural cork imports from China exceeded the figures recorded by the second-largest supplier, Portugal (X kg), fourfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to -28.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Portugal (-41.1% per year) and the United States (-27.0% per year).

In value terms, China ($X) constituted the largest supplier of natural cork debacked or roughly squared to Hong Kong SAR, comprising 89% of total imports. The second position in the ranking was held by Portugal ($X), with a 5.6% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China totaled -2.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Portugal (-41.5% per year) and the United States (-27.7% per year).

Import Prices by Country

In 2021, the average natural cork import price amounted to $X per ton, rising by 67% against the previous year. In general, the import price showed a prominent expansion. The growth pace was the most rapid in 2020 when the average import price increased by 648% against the previous year. The import price peaked in 2021 and is expected to retain growth in the immediate term.

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 China ($X per ton), while the price for Portugal ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+35.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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