Hong Kong SAR, China: Baking Soda Market 2024

Baking Soda Market Size in Hong Kong SAR, China

The Hong Kong baking soda market skyrocketed to $X in 2021, increasing by 19% against the previous year. Over the period under review, the total consumption indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +8.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +21.4% against 2018 indices. Baking soda consumption peaked at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Baking Soda Production in Hong Kong SAR, China

In value terms, baking soda production shrank to $X in 2021 estimated in export price. In general, production, however, saw a abrupt descent. The most prominent rate of growth was recorded in 2014 with an increase of 84%. As a result, production reached the peak level of $X. From 2015 to 2021, production growth remained at a somewhat lower figure.

Baking Soda Exports

Exports from Hong Kong SAR, China

In 2021, overseas shipments of baking soda decreased by -5.5% to X tons, falling for the third consecutive year after two years of growth. In general, exports, however, posted a prominent increase. The most prominent rate of growth was recorded in 2013 when exports increased by 168%. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, baking soda exports soared to $X in 2021. Overall, exports, however, continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 121% against the previous year. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for baking soda exports from Hong Kong SAR, accounting for a 60% share of total exports. Moreover, baking soda exports to China exceeded the volume sent to the second major destination, Macao SAR (X tons), twofold. Singapore (X tons) ranked third in terms of total exports with an 8.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China stood at +4.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Macao SAR (+42.5% per year) and Singapore (+1.5% per year).

In value terms, China ($X), Macao SAR ($X) and Singapore ($X) constituted the largest markets for baking soda exported from Hong Kong SAR worldwide, together comprising 95% of total exports.

Macao SAR, with a CAGR of +45.2%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average baking soda export price amounted to $X per ton, growing by 23% against the previous year. Overall, the export price, however, continues to indicate a mild contraction. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat for the major overseas markets. In 2021, amid the top suppliers, the countries with the highest prices were Singapore ($X per ton) and Macao SAR ($X per ton), while the average price for exports to South Africa ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+6.2%), while the prices for the other major destinations experienced more modest paces of growth.

Baking Soda Imports

Imports into Hong Kong SAR, China

Baking soda imports into Hong Kong SAR expanded rapidly to X tons in 2021, surging by 12% on the year before. Overall, imports showed a significant expansion. The pace of growth appeared the most rapid in 2014 when imports increased by 335%. Imports peaked in 2021 and are likely to see steady growth in the immediate term.

In value terms, baking soda imports skyrocketed to $X in 2021. Over the period under review, imports recorded a significant expansion. The most prominent rate of growth was recorded in 2015 when imports increased by 215%. Over the period under review, imports reached the maximum in 2021 and are likely to see steady growth in the near future.

Imports by Country

In 2021, China (X tons) was the main supplier of baking soda to Hong Kong SAR, accounting for a 91% share of total imports. Moreover, baking soda imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), more than tenfold. Japan (X tons) ranked third in terms of total imports with a 1.2% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +33.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+38.0% per year) and Japan (-2.2% per year).

In value terms, China ($X) constituted the largest supplier of baking soda to Hong Kong SAR, comprising 82% of total imports. The second position in the ranking was taken by the United States ($X), with a 15% share of total imports. It was followed by Japan, with a 1.4% share.

From 2012 to 2021, the average annual growth rate of value from China stood at +41.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+45.2% per year) and Japan (-3.3% per year).

Import Prices by Country

The average baking soda import price stood at $X per ton in 2021, surging by 14% against the previous year. In general, import price indicated modest growth from 2012 to 2021: its price increased at an average annual rate of +1.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, baking soda import price increased by +51.2% against 2015 indices. The most prominent rate of growth was recorded in 2013 an increase of 24%. As a result, import price reached the peak level of $X per ton. From 2014 to 2021, the average 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 the United States ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+5.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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