Hong Kong SAR, China: Sweet Potato Market 2024

Sweet Potato Market Size in Hong Kong SAR, China

The Hong Kong sweet potato market rose significantly to $X in 2021, with an increase of 9.2% against the previous year. In general, consumption saw a significant increase. Sweet potato consumption peaked in 2021 and is expected to retain growth in years to come.

Sweet Potato Production in Hong Kong SAR, China

In value terms, sweet potato production fell to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.4% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2013 with an increase of 27% against the previous year. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

The average yield of sweet potatoes in Hong Kong SAR was estimated at X tons per ha in 2021, leveling off at the previous year's figure. Overall, the yield saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 with an increase of 8.5%. As a result, the yield reached the peak level of X tons per ha. From 2016 to 2021, the growth of the average sweet potato yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2021, approx. X ha of sweet potatoes were harvested in Hong Kong SAR; remaining relatively unchanged against 2020 figures. Overall, the harvested area showed a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the harvested area increased by 25% against the previous year. The sweet potato harvested area peaked in 2021 and is expected to retain growth in the immediate term.

Sweet Potato Exports

Exports from Hong Kong SAR, China

Sweet potato exports from Hong Kong SAR skyrocketed to X tons in 2021, picking up by 29% compared with 2020. In general, exports saw temperate growth. The most prominent rate of growth was recorded in 2013 when exports increased by 325%. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, sweet potato exports soared to $X in 2021. Overall, total exports indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +3.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 68% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Macao SAR (X tons) was the main destination for sweet potato exports from Hong Kong SAR, accounting for a 83% share of total exports. Moreover, sweet potato exports to Macao SAR exceeded the volume sent to the second major destination, Malaysia (X tons), more than tenfold. The third position in this ranking was held by Singapore (X tons), with a 5.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Macao SAR totaled +24.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-9.0% per year) and Singapore (-5.5% per year).

In value terms, Macao SAR ($X) remains the key foreign market for sweet potatoes exports from Hong Kong SAR, comprising 80% of total exports. The second position in the ranking was held by Singapore ($X), with a 6.8% share of total exports. It was followed by Malaysia, with a 6.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Macao SAR stood at +21.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (-4.1% per year) and Malaysia (-7.9% per year).

Export Prices by Country

The average sweet potato export price stood at $X per ton in 2021, remaining stable against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average export price increased by 178%. Over the period under review, the average export prices attained the peak figure 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 foreign markets. In 2021, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to the United States ($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 Singapore (+1.4%), while the prices for the other major destinations experienced more modest paces of growth.

Sweet Potato Imports

Imports into Hong Kong SAR, China

For the tenth consecutive year, Hong Kong SAR recorded growth in purchases abroad of sweet potatoes, which increased by 10% to X tons in 2021. In general, imports showed a significant increase. The most prominent rate of growth was recorded in 2013 with an increase of 57% against the previous year. Imports peaked in 2021 and are expected to retain growth in years to come.

In value terms, sweet potato imports rose rapidly to $X in 2021. Over the period under review, imports posted significant growth. The pace of growth appeared the most rapid in 2013 when imports increased by 105%. Imports peaked in 2021 and are likely to continue growth in years to come.

Imports by Country

Vietnam (X tons), Japan (X tons) and Indonesia (X tons) were the main suppliers of sweet potato imports to Hong Kong SAR, together comprising 92% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Indonesia (with a CAGR of +109.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constituted the largest supplier of sweet potatoes to Hong Kong SAR, comprising 59% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 17% share of total imports. It was followed by Indonesia, with an 11% share.

From 2012 to 2021, the average annual growth rate of value from Japan amounted to +33.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+35.9% per year) and Indonesia (+125.4% per year).

Import Prices by Country

In 2021, the average sweet potato import price amounted to $X per ton, remaining constant against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.2%. The growth pace was the most rapid in 2013 when the average import price increased by 30% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 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 South Korea ($X per ton), while the price for Vietnam ($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 (+14.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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