Hong Kong SAR, China: Self-Propelled Boring Machinery Market 2024

Self-Propelled Boring Machinery Market Size in Hong Kong SAR, China

For the third year in a row, the Hong Kong self-propelled boring machinery market recorded decline in sales value, which decreased by -51.9% to $X in 2022. In general, consumption faced a precipitous curtailment. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Self-Propelled Boring Machinery Production in Hong Kong SAR, China

In value terms, self-propelled boring machinery production totaled $X in 2022 estimated in export price. In general, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 638,179,300%. As a result, production attained the peak level of $X. From 2018 to 2022, production growth remained at a somewhat lower figure.

Self-Propelled Boring Machinery Exports

Exports from Hong Kong SAR, China

In 2022, exports of self-propelled boring or sinking machinery from Hong Kong SAR fell rapidly to X units, with a decrease of -62.5% compared with the year before. Overall, exports saw a precipitous contraction. The most prominent rate of growth was recorded in 2018 with an increase of 38% against the previous year. As a result, the exports reached the peak of X units. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, self-propelled boring machinery exports fell markedly to $X in 2022. In general, exports faced a deep setback. The pace of growth appeared the most rapid in 2018 when exports increased by 86% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The Philippines (X units), South Korea (X units) and Australia (X units) were the main destinations of self-propelled boring machinery exports from Hong Kong SAR, together accounting for 83% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Philippines (with a CAGR of +7.2%), while the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X) emerged as the key foreign market for self-propelled boring or sinking machinery exports from Hong Kong SAR, comprising 76% of total exports. The second position in the ranking was taken by Australia ($X), with a 12% share of total exports. It was followed by the Philippines, with an 11% share.

From 2012 to 2022, the average annual growth rate of value to South Korea totaled +10.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (-4.8% per year) and the Philippines (+1.9% per year).

Export Prices by Country

In 2022, the average self-propelled boring machinery export price amounted to $X per unit, reducing by -3.3% against the previous year. Over the period under review, export price indicated noticeable growth from 2012 to 2022: its price 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, self-propelled boring machinery export price increased by +116.0% against 2017 indices. The growth pace was the most rapid in 2021 when the average export price increased by 53%. As a result, the export price attained the peak level of $X per unit, and then fell in the following year.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was South Korea ($X per unit), while the average price for exports to Macao SAR ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to India (+13.1%), while the prices for the other major destinations experienced mixed trend patterns.

Self-Propelled Boring Machinery Imports

Imports into Hong Kong SAR, China

For the fourth year in a row, Hong Kong SAR recorded decline in overseas purchases of self-propelled boring or sinking machinery, which decreased by -51.7% to X units in 2022. Overall, imports continue to indicate a sharp downturn. The pace of growth was the most pronounced in 2018 when imports increased by 121% against the previous year. Imports peaked at X units in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, self-propelled boring machinery imports plummeted to $X in 2022. In general, imports recorded a precipitous shrinkage. The growth pace was the most rapid in 2018 when imports increased by 132% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

China (X units), Macao SAR (X units) and Japan (X units) were the main suppliers of self-propelled boring machinery imports to Hong Kong SAR.

From 2012 to 2022, the biggest increases were recorded for Macao SAR (with a CAGR of -11.5%), while purchases for the other leaders experienced a decline.

In value terms, China ($X) constituted the largest supplier of self-propelled boring or sinking machinery to Hong Kong SAR, comprising 68% of total imports. The second position in the ranking was held by Japan ($X), with a 17% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China amounted to -10.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-21.2% per year) and Macao SAR (-14.8% per year).

Import Prices by Country

The average self-propelled boring machinery import price stood at $X per unit in 2022, dropping by -38.4% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2015 when the average import price increased by 81% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

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 China ($X per unit), while the price for Macao SAR ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+39.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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