Hong Kong SAR, China: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in Hong Kong SAR, China

In 2022, the Hong Kong refined olive oil market increased by 13% to $X, rising for the third consecutive year after three years of decline. Over the period under review, consumption, however, saw a perceptible curtailment. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a somewhat lower figure.

Refined Olive Oil Production in Hong Kong SAR, China

In value terms, refined olive oil production reduced to $X in 2022 estimated in export price. Over the period under review, production saw a abrupt descent. The pace of growth appeared the most rapid in 2021 with an increase of 25% against the previous year. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Refined Olive Oil Exports

Exports from Hong Kong SAR, China

In 2022, overseas shipments of refined olive oil increased by 23% to X tons for the first time since 2019, thus ending a two-year declining trend. In general, exports, however, recorded a deep downturn. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, refined olive oil exports surged to $X in 2022. Over the period under review, exports, however, recorded a noticeable curtailment. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Macao SAR (X tons) was the main destination for refined olive oil exports from Hong Kong SAR, with a 96% share of total exports. It was followed by China (X tons), with a 2.8% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Macao SAR totaled +24.5%.

In value terms, Macao SAR ($X) remains the key foreign market for refined olive oil exports from Hong Kong SAR, comprising 91% of total exports. The second position in the ranking was taken by China ($X), with a 2.7% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Macao SAR stood at +26.7%.

Export Prices by Country

The average refined olive oil export price stood at $X per ton in 2022, picking up by 10% against the previous year. Over the last decade, it increased at an average annual rate of +3.2%. The most prominent rate of growth was recorded in 2016 an increase of 17% against the previous year. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Macao SAR totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+2.5%).

Refined Olive Oil Imports

Imports into Hong Kong SAR, China

In 2022, the amount of refined olive oil imported into Hong Kong SAR soared to X tons, with an increase of 26% against the year before. The total import volume increased at an average annual rate of +1.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2020 when imports increased by 34% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, refined olive oil imports soared to $X in 2022. Over the period under review, total imports indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +65.7% against 2019 indices. The most prominent rate of growth was recorded in 2013 with an increase of 44%. Imports peaked in 2022 and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Italy (X tons) constituted the largest supplier of refined olive oil to Hong Kong SAR, accounting for a 74% share of total imports. Moreover, refined olive oil imports from Italy exceeded the figures recorded by the second-largest supplier, Spain (X tons), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Italy stood at +5.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (-0.9% per year) and the United States (-19.9% per year).

In value terms, Italy ($X) constituted the largest supplier of refined olive oil to Hong Kong SAR, comprising 71% of total imports. The second position in the ranking was taken by Spain ($X), with a 24% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Italy amounted to +7.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+2.1% per year) and the United States (-13.0% per year).

Import Prices by Country

In 2022, the average refined olive oil import price amounted to $X per ton, rising by 5.6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.2%. The pace of growth appeared the most rapid in 2013 an increase of 30%. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+8.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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