Hong Kong SAR, China: Salt Market 2024

Salt Market Size in Hong Kong SAR, China

The Hong Kong salt market amounted to $X in 2022, increasing by 12% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +58.6% against 2015 indices. Salt consumption peaked in 2022 and is expected to retain growth in the immediate term.

Salt Exports

Exports from Hong Kong SAR, China

In 2022, the amount of salt and pure sodium chloride exported from Hong Kong SAR contracted sharply to X tons, waning by -37.1% compared with the previous year's figure. Over the period under review, exports recorded a perceptible slump. The most prominent rate of growth was recorded in 2018 with an increase of 24% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports remained at a lower figure.

In value terms, salt exports fell sharply to $X in 2022. In general, exports, however, posted a mild expansion. The pace of growth was the most pronounced in 2017 when exports increased by 56%. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

Macao SAR (X tons) was the main destination for salt exports from Hong Kong SAR, accounting for a 85% share of total exports. Moreover, salt exports to Macao SAR exceeded the volume sent to the second major destination, China (X tons), sixfold.

From 2012 to 2022, the average annual growth rate of volume to Macao SAR totaled +2.7%.

In value terms, the largest markets for salt exported from Hong Kong SAR were Macao SAR ($X) and China ($X).

Macao SAR, with a CAGR of +9.6%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review.

Export Prices by Country

In 2022, the average salt export price amounted to $X per ton, growing by 6.9% against the previous year. In general, the export price enjoyed a moderate expansion. The most prominent rate of growth was recorded in 2017 an increase of 56%. The export price peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas 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 stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+13.5%).

Salt Imports

Imports into Hong Kong SAR, China

In 2022, imports of salt and pure sodium chloride into Hong Kong SAR fell modestly to X tons, shrinking by -1.6% on 2021 figures. Over the period under review, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when imports increased by 7.2%. Over the period under review, imports attained the maximum at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, salt imports rose markedly to $X in 2022. Overall, total imports indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +5.3% 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 +67.5% against 2012 indices. The growth pace was the most rapid in 2017 with an increase of 21% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

In 2022, China (X tons) constituted the largest salt supplier to Hong Kong SAR, accounting for a 80% share of total imports. Moreover, salt imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), fivefold.

From 2012 to 2022, the average annual growth rate of volume from China was relatively modest.

In value terms, China ($X) constituted the largest supplier of salt and pure sodium chloride to Hong Kong SAR, comprising 63% of total imports. The second position in the ranking was held by Malaysia ($X), with an 8% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +6.2%.

Import Prices by Country

In 2022, the average salt import price amounted to $X per ton, growing by 11% against the previous year. In general, import price indicated buoyant growth from 2012 to 2022: its price increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, salt import price increased by +49.8% against 2014 indices. The most prominent rate of growth was recorded in 2017 when the average import price increased by 16% against the previous year. The import price peaked in 2022 and is likely to see gradual growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while the price for Malaysia stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+6.7%).

Source: IndexBox Platform

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