Hong Kong SAR, China: Ball Bearing Parts Market 2024

Ball Bearing Parts Market Size in Hong Kong SAR, China

In 2021, after two years of decline, there was significant growth in the Hong Kong ball bearing parts market, when its value increased by 45% to $X. The market value increased at an average annual rate of +2.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Ball Bearing Parts Production in Hong Kong SAR, China

In value terms, ball bearing parts production expanded significantly to $X in 2021 estimated in export price. In general, production, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 with an increase of 19%. Over the period under review, production reached the peak level at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

Ball Bearing Parts Exports

Exports from Hong Kong SAR, China

After two years of growth, shipments abroad of parts of ball or roller bearings decreased by -8.8% to X tons in 2021. Over the period under review, exports, however, posted measured growth. The pace of growth was the most pronounced in 2013 when exports increased by 303%. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, ball bearing parts exports surged to $X in 2021. Overall, exports, however, saw tangible growth. The pace of growth was the most pronounced in 2013 when exports increased by 151% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for ball bearing parts exports from Hong Kong SAR, with a 91% share of total exports. Moreover, ball bearing parts exports to China exceeded the volume sent to the second major destination, the United States (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to China amounted to +4.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+16.2% per year) and Taiwan (Chinese) (+32.4% per year).

In value terms, China ($X) remains the key foreign market for parts of ball or roller bearings exports from Hong Kong SAR, comprising 92% of total exports. The second position in the ranking was held by the United States ($X), with a 3.4% share of total exports.

From 2012 to 2021, the average annual growth rate of value to China amounted to +4.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+18.6% per year) and Taiwan (Chinese) (+33.1% per year).

Export Prices by Country

The average ball bearing parts export price stood at $X per ton in 2021, increasing by 53% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 an increase of 88% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2015; however, from 2016 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat for the major export markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 United States (+2.1%), while the prices for the other major destinations experienced more modest paces of growth.

Ball Bearing Parts Imports

Imports into Hong Kong SAR, China

In 2021, overseas purchases of parts of ball or roller bearings increased by 96% to X tons, rising for the second consecutive year after three years of decline. In general, imports showed strong growth. The most prominent rate of growth was recorded in 2020 with an increase of 102% against the previous year. Over the period under review, imports attained the maximum in 2021 and are likely to see gradual growth in the immediate term.

In value terms, ball bearing parts imports skyrocketed to $X in 2021. Overall, imports showed a prominent expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

China (X tons), Malaysia (X tons) and Japan (X tons) were the main suppliers of ball bearing parts imports to Hong Kong SAR, together accounting for 90% of total imports.

From 2012 to 2021, the biggest increases were recorded for Malaysia (with a CAGR of +151.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest ball bearing parts suppliers to Hong Kong SAR were China ($X), Malaysia ($X) and Japan ($X), together accounting for 81% of total imports.

In terms of the main suppliers, Malaysia, with a CAGR of +182.2%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average ball bearing parts import price stood at $X per ton in 2021, which is down by -23.6% against the previous year. In general, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average import price increased by 28%. The import price peaked at $X per ton in 2019; however, from 2020 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+12.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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