Hong Kong SAR, China: Market for Solar Cells and Light-Emitting Diodes 2024

Market Size for Solar Cells and Light-Emitting Diodes in Hong Kong SAR, China

In 2022, the Hong Kong market for solar cells and light-emitting diodes was finally on the rise to reach $X for the first time since 2017, thus ending a four-year declining trend. In general, consumption, however, continues to indicate a drastic downturn. Solar cells and light-emitting diodes consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Production of Solar Cells and Light-Emitting Diodes in Hong Kong SAR, China

In value terms, solar cells and light-emitting diodes production dropped modestly to $X in 2022 estimated in export price. Overall, production saw a deep setback. The most prominent rate of growth was recorded in 2019 with an increase of 388% against the previous year. Solar cells and light-emitting diodes production peaked at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Exports of Solar Cells and Light-Emitting Diodes

Exports from Hong Kong SAR, China

Solar cells and light-emitting diodes exports from Hong Kong SAR reduced to X units in 2022, waning by -12.7% compared with the year before. In general, exports, however, saw modest growth. The growth pace was the most rapid in 2019 when exports increased by 100%. Over the period under review, the exports hit record highs at X units in 2021, and then declined in the following year.

In value terms, solar cells and light-emitting diodes exports contracted to $X in 2022. The total export value increased at an average annual rate of +3.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when exports increased by 22% against the previous year. As a result, the exports reached the peak of $X, and then contracted in the following year.

Exports by Country

China (X units) was the main destination for solar cells and light-emitting diodes exports from Hong Kong SAR, accounting for a 75% share of total exports. Moreover, solar cells and light-emitting diodes exports to China exceeded the volume sent to the second major destination, the United States (X units), more than tenfold. The third position in this ranking was taken by Germany (X units), with a 2.9% share.

From 2012 to 2022, the average annual growth rate of volume to China stood at +1.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+0.5% per year) and Germany (+4.2% per year).

In value terms, China ($X) remains the key foreign market for solar cells and light-emitting diodes exports from Hong Kong SAR, comprising 75% of total exports. The second position in the ranking was taken by the United States ($X), with a 5.1% share of total exports. It was followed by Germany, with a 2.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China amounted to +4.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+2.8% per year) and Germany (+6.5% per year).

Export Prices by Country

The average export price for solar cells and light-emitting diodes stood at $X per unit in 2022, rising by 4.1% against the previous year. In general, the export price showed a tangible expansion. The pace of growth appeared the most rapid in 2014 an increase of 67%. Over the period under review, the average export prices reached the maximum at $X per unit in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were the United States ($X per unit) and Taiwan (Chinese) ($X per unit), while the average price for exports to China ($X per unit) and South Korea ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+2.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Solar Cells and Light-Emitting Diodes

Imports into Hong Kong SAR, China

Solar cells and light-emitting diodes imports into Hong Kong SAR shrank to X units in 2022, reducing by -12.6% compared with 2021 figures. In general, imports, however, recorded a significant increase. The growth pace was the most rapid in 2014 when imports increased by 1,315% against the previous year. Imports peaked at X units in 2021, and then fell in the following year.

In value terms, solar cells and light-emitting diodes imports declined to $X in 2022. The total import value increased at an average annual rate of +2.5% from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 with an increase of 20% against the previous year. As a result, imports reached the peak of $X, and then fell in the following year.

Imports by Country

In 2022, China (X units) constituted the largest solar cells and light-emitting diodes supplier to Hong Kong SAR, with a 46% share of total imports. Moreover, solar cells and light-emitting diodes imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X units), threefold. The third position in this ranking was held by Japan (X units), with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +39.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+43.5% per year) and Japan (+39.8% per year).

In value terms, China ($X) constituted the largest supplier of solar cells and light-emitting diodes to Hong Kong SAR, comprising 46% of total imports. The second position in the ranking was held by Malaysia ($X), with a 15% share of total imports. It was followed by Japan, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +1.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+4.4% per year) and Japan (+1.6% per year).

Import Prices by Country

The average import price for solar cells and light-emitting diodes stood at $X per unit in 2022, surging by 4.9% against the previous year. In general, the import price, however, faced a dramatic shrinkage. The most prominent rate of growth was recorded in 2013 an increase of 42% against the previous year. As a result, import price reached the peak level of $X per unit. From 2014 to 2022, the average import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were the Philippines ($X per unit) and Japan ($X per unit), while the price for Singapore ($X per unit) and Taiwan (Chinese) ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (-27.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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