Hong Kong SAR, China: Raw Silk Market 2024

Raw Silk Market Size in Hong Kong SAR, China

The Hong Kong raw silk market skyrocketed to $X in 2022, jumping by 862% against the previous year. Overall, consumption, however, faced a abrupt downturn. Over the period under review, the market reached the maximum level at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Raw Silk Production in Hong Kong SAR, China

In value terms, raw silk production expanded sharply to $X in 2022 estimated in export price. Overall, production, however, saw a deep setback. The pace of growth appeared the most rapid in 2020 when the production volume increased by 56% against the previous year. Raw silk production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

In 2022, the average raw silk yield in Hong Kong SAR totaled less than X kg per ha, approximately equating the previous year's figure. Overall, the yield showed a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of raw silk production in Hong Kong SAR totaled less than X ha, remaining relatively unchanged against the year before. In general, the harvested area continues to indicate a relatively flat trend pattern.

Raw Silk Exports

Exports from Hong Kong SAR, China

In 2022, overseas shipments of raw silk decreased by -23.3% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports, however, recorded a resilient expansion. The most prominent rate of growth was recorded in 2016 with an increase of 772%. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, raw silk exports declined significantly to $X in 2022. In general, exports, however, enjoyed a strong expansion. The growth pace was the most rapid in 2016 when exports increased by 1,333% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

India (X tons) was the main destination for raw silk exports from Hong Kong SAR, with a 87% share of total exports. Moreover, raw silk exports to India exceeded the volume sent to the second major destination, Brazil (X kg), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to India amounted to +17.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (-13.8% per year) and Vietnam (+3.0% per year).

In value terms, India ($X) remains the key foreign market for raw silk exports from Hong Kong SAR, comprising 76% of total exports. The second position in the ranking was held by Brazil ($X), with a 12% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to India totaled +26.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (+0.6% per year) and Vietnam (+4.2% per year).

Export Prices by Country

The average raw silk export price stood at $X per ton in 2022, remaining constant against the previous year. Over the period under review, the export price showed strong growth. The most prominent rate of growth was recorded in 2017 when the average export price increased by 66%. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Brazil ($X per ton), while the average price for exports to India ($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 Brazil (+16.7%), while the prices for the other major destinations experienced more modest paces of growth.

Raw Silk Imports

Imports into Hong Kong SAR, China

In 2022, after three years of decline, there was significant growth in supplies from abroad of raw silk, when their volume increased by 95% to X kg. Over the period under review, imports, however, saw a abrupt curtailment. The most prominent rate of growth was recorded in 2013 with an increase of 609% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, raw silk imports skyrocketed to $X in 2022. In general, imports saw a remarkable increase. The pace of growth was the most pronounced in 2013 with an increase of 746% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X kg) constituted the largest supplier of raw silk to Hong Kong SAR, accounting for a 66% share of total imports. Moreover, raw silk imports from China exceeded the figures recorded by the second-largest supplier, the UK (X kg), fivefold. The United States (X kg) ranked third in terms of total imports with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to -12.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+54.2% per year) and the United States (+11.0% per year).

In value terms, China ($X) constituted the largest supplier of raw silk to Hong Kong SAR, comprising 51% of total imports. The second position in the ranking was held by the UK ($X), with an 18% share of total imports. It was followed by Thailand, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at -1.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+56.6% per year) and Thailand (+47.2% per year).

Import Prices by Country

In 2022, the average raw silk import price amounted to $X per ton, picking up by 24% against the previous year. Overall, the import price continues to indicate buoyant growth. The most prominent rate of growth was recorded in 2015 when the average import price increased by 61%. Over the period under review, average import prices hit record highs at $X per ton in 2020; however, from 2021 to 2022, import prices stood 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 Thailand ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+21.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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