Hong Kong SAR, China: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in Hong Kong SAR, China

In 2021, the Hong Kong refined maize oil market was finally on the rise to reach $X after three years of decline. In general, consumption, however, continues to indicate a perceptible slump. Refined maize oil consumption peaked at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Refined Maize Oil Production in Hong Kong SAR, China

In value terms, refined maize oil production soared to $X in 2021 estimated in export price. Over the period under review, production, however, showed a deep contraction. The most prominent rate of growth was recorded in 2014 when the production volume increased by 65% against the previous year. Over the period under review, production attained the maximum level at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

Refined Maize Oil Exports

Exports from Hong Kong SAR, China

In 2021, the amount of refined maize (corn) oil exported from Hong Kong SAR declined to X tons, which is down by -8.5% on 2020. Overall, exports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014 when exports increased by 30% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, refined maize oil exports amounted to $X in 2021. In general, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when exports increased by 23% against the previous year. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

Macao SAR (X tons) was the main destination for refined maize oil exports from Hong Kong SAR, with a 69% share of total exports. Moreover, refined maize oil exports to Macao SAR exceeded the volume sent to the second major destination, China (X tons), threefold. The third position in this ranking was taken by Australia (X tons), with a 4.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Macao SAR was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-5.5% per year) and Australia (+4.8% per year).

In value terms, Macao SAR ($X) remains the key foreign market for refined maize (corn) oil exports from Hong Kong SAR, comprising 70% of total exports. The second position in the ranking was held by China ($X), with an 18% share of total exports. It was followed by Australia, with a 5.5% share.

From 2012 to 2021, the average annual growth rate of value to Macao SAR amounted to +1.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-3.9% per year) and Australia (+7.2% per year).

Export Prices by Country

The average refined maize oil export price stood at $X per ton in 2021, surging by 24% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.1%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Australia ($X per ton), while the average price for exports to China ($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 Australia (+2.3%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Maize Oil Imports

Imports into Hong Kong SAR, China

In 2021, refined maize oil imports into Hong Kong SAR dropped markedly to X tons, waning by -18.7% compared with the previous year. The total import volume increased at an average annual rate of +1.5% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 when imports increased by 36% against the previous year. As a result, imports reached the peak of X tons, and then plummeted in the following year.

In value terms, refined maize oil imports rose slightly to $X in 2021. The total import value increased at an average annual rate of +1.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 with an increase of 46%. Imports peaked in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of refined maize oil to Hong Kong SAR, accounting for a 74% share of total imports. Moreover, refined maize oil imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), sevenfold. South Korea (X tons) ranked third in terms of total imports with an 8.1% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +2.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+0.5% per year) and South Korea (-4.6% per year).

In value terms, China ($X) constituted the largest supplier of refined maize (corn) oil to Hong Kong SAR, comprising 72% of total imports. The second position in the ranking was held by Malaysia ($X), with a 17% share of total imports. It was followed by South Korea, with a 6% share.

From 2012 to 2021, the average annual growth rate of value from China totaled +2.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+1.7% per year) and South Korea (-6.9% per year).

Import Prices by Country

The average refined maize oil import price stood at $X per ton in 2021, jumping by 29% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The import price peaked at $X per ton in 2012; afterwards, it flattened through to 2021.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Malaysia ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+1.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :