Hong Kong SAR, China: Seat Market 2024

Seat Market Size in Hong Kong SAR, China

The Hong Kong seat market contracted to $X in 2021, waning by -8.3% 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). Overall, consumption, however, saw a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Seat Exports

Exports from Hong Kong SAR, China

In 2021, seat exports from Hong Kong SAR skyrocketed to X tons, picking up by 183% against the previous year. In general, exports showed a strong increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, seat exports surged to $X in 2021. Overall, total exports indicated measured growth from 2012 to 2021: its value increased at an average annual rate of +4.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for seat exports from Hong Kong SAR, with a 12% share of total exports. Moreover, seat exports to the United States exceeded the volume sent to the second major destination, China (X tons), twofold. The third position in this ranking was taken by Taiwan (Chinese) (X tons), with a 1.9% share.

From 2012 to 2021, the average annual growth rate of volume to the United States totaled +5.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+4.7% per year) and Taiwan (Chinese) (+5.9% per year).

In value terms, the largest markets for seat exported from Hong Kong SAR were China ($X), the United States ($X) and Taiwan (Chinese) ($X), with a combined 85% share of total exports.

Among the main countries of destination, Taiwan (Chinese), with a CAGR of +15.4%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average seat export price stood at $X per ton in 2021, reducing by -32.8% against the previous year. In general, the export price continues to indicate a noticeable descent. The pace of growth was the most pronounced in 2013 an increase of 41%. Over the period under review, the average export prices hit record highs at $X per ton in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

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 France ($X per ton), while the average price for exports to Sweden ($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 France (+33.4%), while the prices for the other major destinations experienced more modest paces of growth.

Seat Imports

Imports into Hong Kong SAR, China

In 2021, supplies from abroad of seats increased by 53% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, total imports indicated moderate growth from 2012 to 2021: its volume increased at an average annual rate of +4.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +64.0% against 2019 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, seat imports soared to $X in 2021. The total import value increased at an average annual rate of +1.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of seat to Hong Kong SAR, with a 45% share of total imports. It was followed by South Korea (X tons), with a 1% share of total imports. The third position in this ranking was held by Taiwan (Chinese) (X tons), with a 0.8% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to -4.5%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+25.9% per year) and Taiwan (Chinese) (-6.6% per year).

In value terms, China ($X) constituted the largest supplier of seats to Hong Kong SAR, comprising 66% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 3.1% share of total imports. It was followed by South Korea, with a 0.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+14.8% per year) and South Korea (+19.1% per year).

Import Prices by Country

The average seat import price stood at $X per ton in 2021, waning by -11.3% against the previous year. Over the period under review, the import price saw a pronounced reduction. The pace of growth appeared the most rapid in 2018 when the average import price increased by 13% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2021, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: 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 Taiwan (Chinese) (+8.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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