Hong Kong SAR, China: Market for Non-Upholstered Seats With Wooden Frames 2024

Market Size for Non-Upholstered Seats With Wooden Frames in Hong Kong SAR, China

In 2022, the Hong Kong wooden frame non-upholstered seat market decreased by -35.5% to $X, falling for the second consecutive year after four years of growth. In general, consumption, however, saw mild growth. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Exports of Non-Upholstered Seats With Wooden Frames

Exports from Hong Kong SAR, China

For the third consecutive year, Hong Kong SAR recorded decline in overseas shipments of non-upholstered seats with wooden frames, which decreased by -50.7% to X units in 2022. In general, exports saw a deep contraction. The pace of growth was the most pronounced in 2019 with an increase of 41%. The exports peaked at X units in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, wooden frame non-upholstered seat exports reduced rapidly to $X in 2022. Over the period under review, exports continue to indicate a abrupt setback. The most prominent rate of growth was recorded in 2019 when exports increased by 39% against the previous year. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X units), Macao SAR (X units) and Japan (X units) were the main destinations of wooden frame non-upholstered seat exports from Hong Kong SAR, with a combined 63% share of total exports. The United States, South Korea, Taiwan (Chinese), Singapore, India, Cambodia, Germany, the United Arab Emirates, Malaysia and the UK lagged somewhat behind, together comprising a further 32%.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +43.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X) emerged as the key foreign market for non-upholstered seats with wooden frames exports from Hong Kong SAR, comprising 43% of total exports. The second position in the ranking was held by South Korea ($X), with a 13% share of total exports. It was followed by Japan, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China amounted to -7.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (-14.2% per year) and Japan (-12.1% per year).

Export Prices by Country

The average wooden frame non-upholstered seat export price stood at $X per unit in 2022, which is down by -13.4% against the previous year. In general, export price indicated a buoyant expansion from 2012 to 2022: its price increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when the average export price increased by 35% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2021, and then declined in the following year.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was South Korea ($X per unit), while the average price for exports to the United Arab Emirates ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Cambodia (+19.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Non-Upholstered Seats With Wooden Frames

Imports into Hong Kong SAR, China

In 2022, overseas purchases of non-upholstered seats with wooden frames decreased by -39.6% to X units, falling for the second year in a row after four years of growth. In general, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when imports increased by 54%. As a result, imports reached the peak of X units. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, wooden frame non-upholstered seat imports fell significantly to $X in 2022. Over the period under review, imports saw a slight decrease. The most prominent rate of growth was recorded in 2013 with an increase of 27%. Over the period under review, imports reached the peak figure at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) was the main wooden frame non-upholstered seat supplier to Hong Kong SAR, accounting for a 93% share of total imports. Moreover, wooden frame non-upholstered seat imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X units), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from China was relatively modest.

In value terms, China ($X) constituted the largest supplier of non-upholstered seats with wooden frames to Hong Kong SAR, comprising 74% of total imports. The second position in the ranking was held by Malaysia ($X), with a 3.6% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China stood at -2.5%.

Import Prices by Country

The average wooden frame non-upholstered seat import price stood at $X per unit in 2022, surging by 8.1% against the previous year. Overall, the import price, however, saw a slight shrinkage. Over the period under review, average import prices attained the maximum at $X per unit in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Malaysia ($X per unit), while the price for China stood at $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (-2.8%).

Source: IndexBox Platform

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