Hong Kong SAR, China: Sugars Market 2024

Sugars Market Size in Hong Kong SAR, China

In 2021, the Hong Kong sugars market decreased by -8.7% to $X, falling for the second consecutive year after two years of growth. Over the period under review, the total consumption indicated perceptible growth from 2012 to 2021: its value increased at an average annual rate of +3.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -18.1% against 2019 indices. Sugars consumption peaked at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Sugars Exports

Exports from Hong Kong SAR, China

After two years of growth, overseas shipments of sugars, sugar ethers and salts decreased by -28.7% to X tons in 2021. Over the period under review, exports recorded a abrupt decline. The most prominent rate of growth was recorded in 2015 when exports increased by 150% against the previous year. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, sugars exports shrank remarkably to $X in 2021. Overall, exports continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2015 when exports increased by 147% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Macao SAR (X tons) was the main destination for sugars exports from Hong Kong SAR, accounting for a 96% share of total exports. Moreover, sugars exports to Macao SAR exceeded the volume sent to the second major destination, China (X kg), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to Macao SAR amounted to +11.8%.

In value terms, Macao SAR ($X) remains the key foreign market for sugars, sugar ethers and salts exports from Hong Kong SAR, comprising 66% of total exports. The second position in the ranking was held by China ($X), with a 4.4% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Macao SAR totaled +7.4%.

Export Prices by Country

The average sugars export price stood at $X per ton in 2021, surging by 12% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.1%. The pace of growth appeared the most rapid in 2016 an increase of 40% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2017 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Macao SAR amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+6.4%).

Sugars Imports

Imports into Hong Kong SAR, China

After three years of growth, overseas purchases of sugars, sugar ethers and salts decreased by -26.4% to X tons in 2021. Overall, imports, however, recorded a perceptible increase. The pace of growth was the most pronounced in 2016 when imports increased by 67% against the previous year. Imports peaked at X tons in 2020, and then dropped significantly in the following year.

In value terms, sugars imports fell to $X in 2021. Over the period under review, total imports indicated mild growth from 2012 to 2021: its value increased at an average annual rate of +1.6% 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 decreased by -14.9% against 2019 indices. The pace of growth was the most pronounced in 2016 with an increase of 44%. Imports peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest sugars supplier to Hong Kong SAR, accounting for a 63% share of total imports. Moreover, sugars imports from China exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), threefold. The third position in this ranking was held by Japan (X tons), with a 5.3% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +27.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+1.9% per year) and Japan (-18.3% per year).

In value terms, China ($X) constituted the largest supplier of sugars, sugar ethers and salts to Hong Kong SAR, comprising 41% of total imports. The second position in the ranking was held by Indonesia ($X), with a 19% share of total imports. It was followed by Thailand, with a 15% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +15.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+1.9% per year) and Thailand (+12.1% per year).

Import Prices by Country

In 2021, the average sugars import price amounted to $X per ton, with an increase of 35% against the previous year. Overall, the import price, however, continues to indicate a perceptible setback. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Thailand ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+2.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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