Hong Kong SAR, China: Preserved Sardines Market 2024

Preserved Sardines Market Size in Hong Kong SAR, China

The Hong Kong preserved sardines market soared to $X in 2022, growing by 32% against the previous year. The market value increased at an average annual rate of +1.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Preserved Sardines Production in Hong Kong SAR, China

In value terms, preserved sardines production totaled $X in 2022 estimated in export price. Overall, production, however, recorded a deep slump. The pace of growth appeared the most rapid in 2020 with an increase of 52%. Preserved sardines production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Preserved Sardines Exports

Exports from Hong Kong SAR, China

In 2022, the amount of sardines (prepared or preserved) exported from Hong Kong SAR surged to X tons, increasing by 50% against the previous year's figure. Overall, exports, however, saw a deep slump. The most prominent rate of growth was recorded in 2013 when exports increased by 127% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, preserved sardines exports soared to $X in 2022. In general, exports, however, recorded a perceptible shrinkage. The most prominent rate of growth was recorded in 2013 with an increase of 86% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Macao SAR (X tons) was the main destination for preserved sardines exports from Hong Kong SAR, with a approx. 99% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Macao SAR stood at +1.3%.

In value terms, Macao SAR ($X) also remains the key foreign market for sardines (prepared or preserved) exports from Hong Kong SAR.

From 2012 to 2022, the average annual growth rate of value to Macao SAR amounted to +5.0%.

Export Prices by Country

The average preserved sardines export price stood at $X per ton in 2022, shrinking by -4.8% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.3%. The growth pace was the most rapid in 2021 when the average export price increased by 33%. As a result, the export price attained the peak level of $X per ton, and then dropped in the following year.

As there is only one major export destination, the average price level is determined by prices for Macao SAR.

From 2012 to 2022, the rate of growth in terms of prices for Malaysia amounted to +30.6% per year.

Preserved Sardines Imports

Imports into Hong Kong SAR, China

Preserved sardines imports into Hong Kong SAR skyrocketed to X tons in 2022, increasing by 49% against the previous year's figure. Overall, total imports indicated a perceptible expansion from 2012 to 2022: its volume increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -10.8% against 2020 indices. Over the period under review, imports reached the maximum at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, preserved sardines imports surged to $X in 2022. Over the period under review, total imports indicated a strong expansion 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 decreased by -8.9% against 2020 indices. Imports peaked at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

The Philippines (X tons), Malaysia (X tons) and Thailand (X tons) were the main suppliers of preserved sardines imports to Hong Kong SAR, together accounting for 73% of total imports. Portugal, Morocco and Japan lagged somewhat behind, together comprising a further 23%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Portugal (with a CAGR of +28.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest preserved sardines suppliers to Hong Kong SAR were Malaysia ($X), the Philippines ($X) and Portugal ($X), with a combined 63% share of total imports.

Portugal, with a CAGR of +26.7%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average preserved sardines import price amounted to $X per ton, declining by -3.9% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the average import price increased by 15% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2016; however, from 2017 to 2022, import prices remained at a 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 Japan ($X per ton), while the price for the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+2.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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