Hong Kong SAR, China: Potassium Sulphate (Sop) Market 2024

Potassium Sulphate (Sop) Market Size in Hong Kong SAR, China

In 2022, after four years of growth, there was significant decline in the Hong Kong potassium sulphate (SOP) market, when its value decreased by -18% to $X. Over the period under review, consumption saw a mild downturn. Potassium sulphate (SOP) consumption peaked at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Potassium Sulphate (Sop) Production in Hong Kong SAR, China

In value terms, potassium sulphate (SOP) production declined slightly to $X in 2022 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 12% against the previous year. Over the period under review, production hit record highs at $X in 2016; however, from 2017 to 2022, production remained at a lower figure.

Potassium Sulphate (Sop) Exports

Exports from Hong Kong SAR, China

In 2022, overseas shipments of potassium sulphate (SOP) were finally on the rise to reach X tons after four years of decline. Over the period under review, exports saw a prominent increase. The pace of growth was the most pronounced in 2014 with an increase of 356% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, potassium sulphate (SOP) exports skyrocketed to $X in 2022. Overall, exports enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2014 when exports increased by 332% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

India (X tons), Malaysia (X tons) and Indonesia (X tons) were the main destinations of potassium sulphate (SOP) exports from Hong Kong SAR, together comprising 88% of total exports.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +16.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for potassium sulphate (SOP) exported from Hong Kong SAR were India ($X), Malaysia ($X) and Indonesia ($X), with a combined 76% share of total exports.

In terms of the main countries of destination, India, with a CAGR of +8.4%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average potassium sulphate (SOP) export price amounted to $X per ton, which is down by -11.7% against the previous year. In general, the export price saw a slight setback. The most prominent rate of growth was recorded in 2019 an increase of 25% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2016; however, from 2017 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 Malaysia ($X per ton) and Australia ($X per ton), while the average price for exports to India ($X per ton) and Indonesia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Angola (+29.9%), while the prices for the other major destinations experienced mixed trend patterns.

Potassium Sulphate (Sop) Imports

Imports into Hong Kong SAR, China

In 2022, potassium sulphate (sop) imports into Hong Kong SAR fell remarkably to X tons, reducing by -19.6% against 2021 figures. Over the period under review, imports, however, recorded a buoyant increase. The growth pace was the most rapid in 2015 with an increase of 44%. Imports peaked at X tons in 2021, and then shrank markedly in the following year.

In value terms, potassium sulphate (SOP) imports contracted significantly to $X in 2022. In general, imports, however, recorded a resilient increase. The pace of growth appeared the most rapid in 2021 with an increase of 129% against the previous year. As a result, imports attained the peak of $X, and then reduced remarkably in the following year.

Imports by Country

In 2022, the Netherlands (X tons) was the main supplier of potassium sulphate (SOP) to Hong Kong SAR, with a 98% share of total imports. It was followed by Vietnam (X tons), with a 2% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from the Netherlands stood at +17.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (-15.2% per year) and China (-31.1% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of potassium sulphate (SOP) to Hong Kong SAR, comprising 97% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 2.6% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from the Netherlands stood at +21.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (-19.2% per year) and China (-29.1% per year).

Import Prices by Country

The average potassium sulphate (SOP) import price stood at $X per ton in 2022, growing by 5.4% against the previous year. Overall, the import price enjoyed moderate growth. The pace of growth was the most pronounced in 2021 an increase of 63%. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+3.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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