Hong Kong SAR, China: Cotton Bag Market 2024

Cotton Bag Market Size in Hong Kong SAR, China

In 2021, the Hong Kong cotton bag market decreased by -24.7% to $X, falling for the second consecutive year after two years of growth. Over the period under review, consumption recorded a mild slump. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Cotton Bag Production in Hong Kong SAR, China

In value terms, cotton bag production surged to $X in 2021 estimated in export price. In general, production, however, saw a slight setback. The pace of growth appeared the most rapid in 2014 when the production volume increased by 153%. As a result, production reached the peak level of $X. From 2015 to 2021, production growth remained at a somewhat lower figure.

Cotton Bag Exports

Exports from Hong Kong SAR, China

In 2021, after five years of decline, there was significant growth in shipments abroad of sacks and bags of cotton, when their volume increased by 45% to X tons. In general, exports, however, saw a deep contraction. Over the period under review, the exports attained the peak figure at X tons in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, cotton bag exports surged to $X in 2021. Overall, exports, however, continue to indicate a pronounced downturn. Over the period under review, the exports attained the maximum at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for cotton bag exports from Hong Kong SAR, accounting for a 41% share of total exports. Moreover, cotton bag exports to China exceeded the volume sent to the second major destination, Indonesia (X tons), fourfold. The third position in this ranking was taken by Vietnam (X tons), with a 10% share.

From 2012 to 2021, the average annual growth rate of volume to China totaled -4.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+13.9% per year) and Vietnam (-1.7% per year).

In value terms, China ($X) remains the key foreign market for sacks and bags of cotton exports from Hong Kong SAR, comprising 43% of total exports. The second position in the ranking was held by Indonesia ($X), with a 9.6% share of total exports. It was followed by Bangladesh, with an 8.5% share.

From 2012 to 2021, the average annual growth rate of value to China amounted to -1.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+16.3% per year) and Bangladesh (+54.3% per year).

Export Prices by Country

In 2021, the average cotton bag export price amounted to $X per ton, dropping by -4.3% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.2%. The growth pace was the most rapid in 2015 an increase of 12% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2017; however, from 2018 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Australia ($X per ton), while the average price for exports to the UK ($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 (+5.6%), while the prices for the other major destinations experienced more modest paces of growth.

Cotton Bag Imports

Imports into Hong Kong SAR, China

In 2021, imports of sacks and bags of cotton into Hong Kong SAR dropped to X tons, waning by -10.3% against the previous year. Overall, imports showed a deep slump. The most prominent rate of growth was recorded in 2020 with an increase of 143%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, cotton bag imports expanded modestly to $X in 2021. In general, imports continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2020 when imports increased by 95%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest cotton bag supplier to Hong Kong SAR, with a 84% share of total imports. Moreover, cotton bag imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), tenfold. Italy (X tons) ranked third in terms of total imports with a 4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to -8.3%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-17.9% per year) and Italy (-2.8% per year).

In value terms, China ($X) constituted the largest supplier of sacks and bags of cotton to Hong Kong SAR, comprising 65% of total imports. The second position in the ranking was held by India ($X), with a 13% share of total imports. It was followed by Italy, with a 10% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to -11.8%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-17.1% per year) and Italy (+3.4% per year).

Import Prices by Country

In 2021, the average cotton bag import price amounted to $X per ton, with an increase of 16% against the previous year. Overall, the import price, however, showed a pronounced downturn. The growth pace was the most rapid in 2019 when the average import price increased by 19% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+6.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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