Hong Kong SAR, China: Polishes For Coachwork Market 2024

Polishes For Coachwork Market Size in Hong Kong SAR, China

In 2022, the Hong Kong polishes for coachwork market decreased by -60.8% to $X for the first time since 2017, thus ending a four-year rising trend. Overall, consumption, however, enjoyed a mild increase. Polishes for coachwork consumption peaked at $X in 2021, and then contracted dramatically in the following year.

Polishes For Coachwork Exports

Exports from Hong Kong SAR, China

In 2022, the amount of polishes for coachwork exported from Hong Kong SAR reduced sharply to X tons, with a decrease of -44.5% compared with 2021 figures. Over the period under review, exports saw a abrupt descent. The most prominent rate of growth was recorded in 2017 with an increase of 78% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, polishes for coachwork exports reduced dramatically to $X in 2022. Overall, exports continue to indicate a abrupt slump. The pace of growth was the most pronounced in 2015 when exports increased by 106%. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for polishes for coachwork exports from Hong Kong SAR, accounting for a 64% share of total exports. Moreover, polishes for coachwork exports to China exceeded the volume sent to the second major destination, Malaysia (X tons), threefold. Finland (X tons) ranked third in terms of total exports with a 7.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China amounted to -9.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+19.0% per year) and Finland (0.0% per year).

In value terms, China ($X) remains the key foreign market for polishes for coachwork exports from Hong Kong SAR, comprising 81% of total exports. The second position in the ranking was held by Malaysia ($X), with an 11% share of total exports. It was followed by Haiti, with a 2.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China stood at -12.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+4.6% per year) and Haiti (-18.7% per year).

Export Prices by Country

The average polishes for coachwork export price stood at $X per ton in 2022, increasing by 49% against the previous year. In general, the export price, however, continues to indicate a perceptible decrease. Over the period under review, the average export prices hit record highs at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Finland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Colombia (+11.4%), while the prices for the other major destinations experienced a decline.

Polishes For Coachwork Imports

Imports into Hong Kong SAR, China

In 2022, approx. X tons of polishes for coachwork were imported into Hong Kong SAR; with a decrease of -64.1% compared with the year before. Over the period under review, imports, however, saw a mild expansion. The growth pace was the most rapid in 2018 when imports increased by 84% against the previous year. Imports peaked at X tons in 2021, and then declined rapidly in the following year.

In value terms, polishes for coachwork imports contracted notably to $X in 2022. Overall, imports saw a noticeable decrease. The most prominent rate of growth was recorded in 2018 with an increase of 86%. Imports peaked at $X in 2021, and then dropped sharply in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest polishes for coachwork supplier to Hong Kong SAR, with a 89% share of total imports. Moreover, polishes for coachwork imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), more than tenfold. The third position in this ranking was taken by the UK (X tons), with a 1.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +17.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-7.3% per year) and the UK (-31.0% per year).

In value terms, China ($X) constituted the largest supplier of polishes for coachwork to Hong Kong SAR, comprising 75% of total imports. The second position in the ranking was held by the United States ($X), with a 15% share of total imports. It was followed by Japan, with a 2.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +16.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-7.1% per year) and Japan (-14.5% per year).

Import Prices by Country

The average polishes for coachwork import price stood at $X per ton in 2022, picking up by 35% against the previous year. Over the period under review, the import price, however, recorded a noticeable slump. The pace of growth was the most pronounced in 2014 an increase of 66%. As a result, import price reached the peak level of $X per ton. From 2015 to 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+5.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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