Hong Kong SAR, China: Market for Polyethylene Terephthalate And Other Polyethylene Terephthalate In Primary Forms 2024

Market Size for Polyethylene Terephthalate And Other Polyethylene Terephthalate In Primary Forms in Hong Kong SAR, China

In 2022, after eight years of decline, there was growth in the Hong Kong market for polyethylene terephthalate and other polyethylene terephthalate in primary forms, when its value increased by 3.5% to $X. In general, consumption, however, recorded a abrupt downturn. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market remained at a somewhat lower figure.

Exports of Polyethylene Terephthalate And Other Polyethylene Terephthalate In Primary Forms

Exports from Hong Kong SAR, China

In 2022, shipments abroad of polyethylene terephthalate and other polyethylene terephthalate in primary forms was finally on the rise to reach X tons for the first time since 2012, thus ending a nine-year declining trend. In general, exports, however, saw a dramatic downturn. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, exports of polyethylene terephthalate and other polyethylene terephthalate in primary forms declined slightly to $X in 2022. Over the period under review, exports, however, continue to indicate a precipitous contraction. The growth pace was the most rapid in 2018 when exports increased by 17%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for exports of polyethylene terephthalate and other polyethylene terephthalate in primary forms from Hong Kong SAR, accounting for a 85% share of total exports. Moreover, exports of polyethylene terephthalate and other polyethylene terephthalate in primary forms to China exceeded the volume sent to the second major destination, Germany (X tons), more than tenfold. The third position in this ranking was taken by Uganda (X tons), with a 2.9% share.

From 2012 to 2022, the average annual growth rate of volume to China stood at -32.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-3.9% per year) and Uganda (-16.5% per year).

In value terms, China ($X) remains the key foreign market for polyethylene terephthalate and other polyethylene terephthalate in primary forms exports from Hong Kong SAR, comprising 75% of total exports. The second position in the ranking was taken by Uganda ($X), with a 0.7% share of total exports. It was followed by Germany, with a 0.6% share.

From 2012 to 2022, the average annual growth rate of value to China stood at -27.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Uganda (-17.2% per year) and Germany (-10.8% per year).

Export Prices by Country

The average export price for polyethylene terephthalate and other polyethylene terephthalate in primary forms stood at $X per ton in 2022, falling by -4.6% against the previous year. Overall, the export price, however, recorded strong growth. The pace of growth appeared the most rapid in 2018 when the average export price increased by 53% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2021, and then dropped in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Malaysia ($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 China (+7.5%), while the prices for the other major destinations experienced a decline.

Imports of Polyethylene Terephthalate And Other Polyethylene Terephthalate In Primary Forms

Imports into Hong Kong SAR, China

In 2022, supplies from abroad of polyethylene terephthalate and other polyethylene terephthalate in primary forms increased by 4.2% to X tons for the first time since 2013, thus ending a eight-year declining trend. In general, imports, however, showed a abrupt curtailment. The growth pace was the most rapid in 2013 with an increase of 18% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports of remained at a lower figure.

In value terms, imports of polyethylene terephthalate and other polyethylene terephthalate in primary forms rose modestly to $X in 2022. Overall, imports, however, showed a deep slump. The pace of growth was the most pronounced in 2013 with an increase of 11% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports of failed to regain momentum.

Imports by Country

China (X tons), South Korea (X tons) and Japan (X tons) were the main suppliers of imports of polyethylene terephthalate and other polyethylene terephthalate in primary forms to Hong Kong SAR, together comprising 75% of total imports. The UK, Vietnam, the United States, Malaysia and Taiwan (Chinese) lagged somewhat behind, together comprising a further 20%.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +105.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), South Korea ($X) and Japan ($X) constituted the largest polyethylene terephthalate and other polyethylene terephthalate in primary forms suppliers to Hong Kong SAR, together accounting for 77% of total imports. The United States, Malaysia, the UK, Vietnam and Taiwan (Chinese) lagged somewhat behind, together comprising a further 16%.

Vietnam, with a CAGR of +70.2%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average import price for polyethylene terephthalate and other polyethylene terephthalate in primary forms stood at $X per ton in 2022, leveling off at the previous year. Overall, the import price continues to indicate a pronounced contraction. The pace of growth was the most pronounced in 2014 when the average import price increased by 14%. As a result, import price attained 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 the United States ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+2.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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