Hong Kong SAR, China: Quilted Textile Products Market 2024

Quilted Textile Products Market Size in Hong Kong SAR, China

In 2021, the Hong Kong quilted textile products market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption showed resilient growth. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Quilted Textile Products Production in Hong Kong SAR, China

In value terms, quilted textile products production contracted modestly to $X in 2021 estimated in export price. Over the period under review, production, however, showed a buoyant increase. The most prominent rate of growth was recorded in 2014 when the production volume increased by 104% against the previous year. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

Quilted Textile Products Exports

Exports from Hong Kong SAR, China

After two years of growth, overseas shipments of quilted textile products in the piece (excluding embroidery) decreased by -37.4% to X tons in 2021. Overall, exports recorded a abrupt decline. The pace of growth appeared the most rapid in 2020 when exports increased by 24% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, quilted textile products exports fell dramatically to $X in 2021. Over the period under review, exports recorded a pronounced downturn. The pace of growth appeared the most rapid in 2020 with an increase of 17%. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons), Vietnam (X tons) and Bangladesh (X tons) were the main destinations of quilted textile products exports from Hong Kong SAR, together accounting for 83% of total exports. Indonesia, the United States, Thailand, South Korea and Japan lagged somewhat behind, together accounting for a further 12%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by South Korea (with a CAGR of +596.0%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for quilted textile products exported from Hong Kong SAR were China ($X), Vietnam ($X) and Bangladesh ($X), together comprising 87% of total exports. Thailand, Indonesia, the United States, South Korea and Japan lagged somewhat behind, together accounting for a further 8.3%.

South Korea, with a CAGR of +461.1%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average quilted textile products export price stood at $X per ton in 2021, shrinking by -2.1% against the previous year. Over the last nine-year period, it increased at an average annual rate of +3.9%. The pace of growth was the most pronounced in 2014 when the average export price increased by 19%. The export price peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Thailand ($X per ton), while the average price for exports to Indonesia ($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 Bangladesh (+11.2%), while the prices for the other major destinations experienced more modest paces of growth.

Quilted Textile Products Imports

Imports into Hong Kong SAR, China

Quilted textile products imports into Hong Kong SAR stood at X tons in 2021, picking up by 4.6% on the previous year's figure. Overall, imports, however, continue to indicate a perceptible contraction. The most prominent rate of growth was recorded in 2019 with an increase of 41% against the previous year. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, quilted textile products imports rose remarkably to $X in 2021. Over the period under review, total imports indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +4.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -10.7% against 2019 indices. The most prominent rate of growth was recorded in 2015 when imports increased by 70% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) was the main supplier of quilted textile products to Hong Kong SAR, with a 94% share of total imports. It was followed by Taiwan (Chinese) (X tons), with a 2.9% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled -2.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+8.0% per year) and Japan (-25.7% per year).

In value terms, China ($X) constituted the largest supplier of quilted textile products in the piece (excluding embroidery) to Hong Kong SAR, comprising 93% of total imports. The second position in the ranking was taken by Japan ($X), with a 3.1% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China stood at +10.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-20.1% per year) and Taiwan (Chinese) (+9.1% per year).

Import Prices by Country

In 2021, the average quilted textile products import price amounted to $X per ton, growing by 9.7% against the previous year. Overall, the import price saw a prominent expansion. The pace of growth appeared the most rapid in 2014 when the average import price increased by 55% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2016; however, from 2017 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, the country with the highest price was Japan ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+12.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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