Hong Kong SAR, China: Table Flatware Market 2024

Table Flatware Market Size in Hong Kong SAR, China

After three years of decline, the Hong Kong table flatware market increased by 21% to $X in 2022. Over the period under review, consumption, however, showed a abrupt downturn. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Table Flatware Production in Hong Kong SAR, China

In value terms, table flatware production fell modestly to $X in 2022 estimated in export price. Over the period under review, production recorded a abrupt curtailment. The pace of growth appeared the most rapid in 2013 with an increase of 84% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

Table Flatware Exports

Exports from Hong Kong SAR, China

In 2022, approx. X tons of table flatware were exported from Hong Kong SAR; falling by -39.7% against the year before. In general, exports showed a deep downturn. The most prominent rate of growth was recorded in 2021 when exports increased by 61% against the previous year. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, table flatware exports dropped markedly to $X in 2022. Over the period under review, exports recorded a abrupt contraction. The pace of growth was the most pronounced in 2021 with an increase of 28%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons), France (X tons) and the United Arab Emirates (X tons) were the main destinations of table flatware exports from Hong Kong SAR, together accounting for 43% 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 United Arab Emirates (with a CAGR of +15.9%), while the other leaders experienced mixed trend patterns.

In value terms, the United States ($X), France ($X) and Germany ($X) constituted the largest markets for table flatware exported from Hong Kong SAR worldwide, together comprising 44% of total exports. Spain, Japan, Singapore, China, Macao SAR, the United Arab Emirates, the UK, Australia, the Philippines and Canada lagged somewhat behind, together accounting for a further 40%.

The United Arab Emirates, with a CAGR of +7.1%, 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 mixed trend patterns.

Export Prices by Country

In 2022, the average table flatware export price amounted to $X per ton, remaining relatively unchanged against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 18%. The export price peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (+2.2%), while the prices for the other major destinations experienced more modest paces of growth.

Table Flatware Imports

Imports into Hong Kong SAR, China

In 2022, imports of table flatware into Hong Kong SAR dropped notably to X tons, with a decrease of -33.3% on the previous year. Over the period under review, imports faced a drastic downturn. The smallest decline of -0.5% was in 2014. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, table flatware imports dropped rapidly to $X in 2022. Overall, imports faced a deep slump. The pace of growth was the most pronounced in 2014 when imports increased by 0.7% against the previous year. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) constituted the largest table flatware supplier to Hong Kong SAR, accounting for a 59% share of total imports. Moreover, table flatware imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), eightfold. The third position in this ranking was taken by France (X tons), with a 6.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled -21.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-3.4% per year) and France (+0.9% per year).

In value terms, China ($X) constituted the largest supplier of table flatware to Hong Kong SAR, comprising 55% of total imports. The second position in the ranking was taken by France ($X), with a 13% share of total imports. It was followed by Japan, with a 6.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at -20.6%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+9.8% per year) and Japan (-2.2% per year).

Import Prices by Country

The average table flatware import price stood at $X per ton in 2022, growing by 15% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.0%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was France ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+8.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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