Hong Kong SAR, China: Nitrates Market 2024

Nitrates Market Size in Hong Kong SAR, China

The Hong Kong nitrates market skyrocketed to $X in 2021, rising by 30% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, continues to indicate a abrupt decline. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Nitrates Exports

Exports from Hong Kong SAR, China

In 2021, after two years of growth, there was significant decline in shipments abroad of nitrates (excluding those of potassium), when their volume decreased by -34% to X tons. In general, exports, however, showed a significant expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 455% against the previous year. The exports peaked at X tons in 2020, and then fell sharply in the following year.

In value terms, nitrates exports reduced sharply to $X in 2021. Overall, exports, however, showed a significant increase. The pace of growth was the most pronounced in 2020 when exports increased by 288%. As a result, the exports reached the peak of $X, and then declined significantly in the following year.

Exports by Country

The United States (X tons) was the main destination for nitrates exports from Hong Kong SAR, accounting for a 70% share of total exports. Moreover, nitrates exports to the United States exceeded the volume sent to the second major destination, the Netherlands (X tons), fourfold. Taiwan (Chinese) (X tons) ranked third in terms of total exports with a 6.1% share.

From 2012 to 2021, the average annual growth rate of volume to the United States amounted to +9.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+100.4% per year) and Taiwan (Chinese) (+8.8% per year).

In value terms, the United States ($X) emerged as the key foreign market for nitrates (excluding those of potassium) exports from Hong Kong SAR, comprising 65% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a 19% share of total exports. It was followed by Taiwan (Chinese), with an 8.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States totaled +3.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+96.2% per year) and Taiwan (Chinese) (+19.1% per year).

Export Prices by Country

In 2021, the average nitrates export price amounted to $X per ton, almost unchanged from the previous year. Over the period under review, the export price, however, showed a noticeable setback. The growth pace was the most rapid in 2014 an increase of 75%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to the United States ($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 Taiwan (Chinese) (+9.5%), while the prices for the other major destinations experienced mixed trend patterns.

Nitrates Imports

Imports into Hong Kong SAR, China

In 2021, overseas purchases of nitrates (excluding those of potassium) increased by 0.8% to X tons, rising for the second year in a row after two years of decline. Overall, imports, however, recorded a deep reduction. The pace of growth appeared the most rapid in 2017 with an increase of 15%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, nitrates imports soared to $X in 2021. In general, imports, however, saw a noticeable reduction. The pace of growth appeared the most rapid in 2020 with an increase of 43% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Malaysia (X tons) constituted the largest supplier of nitrates to Hong Kong SAR, with a 75% share of total imports. Moreover, nitrates imports from Malaysia exceeded the figures recorded by the second-largest supplier, China (X tons), threefold.

From 2012 to 2021, the average annual growth rate of volume from Malaysia amounted to +41.1%.

In value terms, China ($X) and Malaysia ($X) appeared to be the largest nitrates suppliers to Hong Kong SAR.

Among the main suppliers, Malaysia, with a CAGR of +40.1%, saw the highest rates of growth with regard to the value of imports, over the period under review.

Import Prices by Country

In 2021, the average nitrates import price amounted to $X per ton, jumping by 36% against the previous year. Overall, import price indicated resilient growth from 2012 to 2021: its price increased at an average annual rate of +9.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, nitrates import price increased by +92.8% against 2019 indices. The growth pace was the most rapid in 2020 when the average import price increased by 42%. Over the period under review, average import prices reached the peak figure in 2021 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($X per ton), while the price for Malaysia stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+18.5%).

Source: IndexBox Platform

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