Hong Kong SAR, China: Tap And Valve Market 2024

Tap And Valve Exports

Exports from Hong Kong SAR, China

In 2022, tap and valve exports from Hong Kong SAR shrank to X tons, dropping by -14.1% against 2021 figures. In general, exports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 46% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, tap and valve exports dropped to $X in 2022. The total export value increased at an average annual rate of +3.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 39%. As a result, the exports attained the peak of $X, and then reduced in the following year.

Exports by Country

China (X tons) was the main destination for tap and valve exports from Hong Kong SAR, with a 68% share of total exports. Moreover, tap and valve exports to China exceeded the volume sent to the second major destination, the United States (X tons), more than tenfold. The third position in this ranking was taken by Germany (X tons), with a 3.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China totaled -2.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+9.5% per year) and Germany (+15.8% per year).

In value terms, China ($X) remains the key foreign market for taps, cocks, valves and similar appliances exports from Hong Kong SAR, comprising 69% of total exports. The second position in the ranking was held by the United States ($X), with a 5.2% share of total exports. It was followed by Taiwan (Chinese), with a 4.1% share.

From 2012 to 2022, the average annual growth rate of value to China was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+10.1% per year) and Taiwan (Chinese) (+12.9% per year).

Export Prices by Country

The average tap and valve export price stood at $X per ton in 2022, almost unchanged from the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.1%. The pace of growth was the most pronounced in 2018 when the average export price increased by 13%. Over the period under review, the average export prices hit record highs at $X per ton in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Taiwan (Chinese) ($X per ton) and China ($X per ton), while the average price for exports to Macao SAR ($X per ton) and Japan ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+3.4%), while the prices for the other major destinations experienced more modest paces of growth.

Tap And Valve Imports

Imports into Hong Kong SAR, China

For the third year in a row, Hong Kong SAR recorded growth in overseas purchases of taps, cocks, valves and similar appliances, which increased by 1% to X tons in 2022. In general, imports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when imports increased by 10% against the previous year. Imports peaked at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, tap and valve imports reduced slightly to $X in 2022. The total import value increased at an average annual rate of +1.5% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by 14% against the previous year. As a result, imports attained the peak of $X, and then dropped slightly in the following year.

Imports by Country

China (X tons), Germany (X tons) and the United States (X tons) were the main suppliers of tap and valve imports to Hong Kong SAR, together comprising 67% of total imports. Japan, Taiwan (Chinese), Italy, Thailand, South Korea, the UK, India and Singapore lagged somewhat behind, together accounting for a further 25%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +11.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest tap and valve suppliers to Hong Kong SAR were China ($X), Germany ($X) and the United States ($X), together accounting for 65% of total imports. These countries were followed by Japan, Italy, Taiwan (Chinese), Thailand, India, South Korea, the UK and Singapore, which together accounted for a further 27%.

In terms of the main suppliers, India, with a CAGR of +15.0%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average tap and valve import price amounted to $X per ton, which is down by -4.4% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.4%. The pace of growth appeared the most rapid in 2020 when the average import price increased by 10%. Over the period under review, average import prices attained the peak figure at $X per ton in 2021, and then declined modestly in the following year.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were India ($X per ton) and Japan ($X per ton), while the price for Taiwan (Chinese) ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+3.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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