Hong Kong SAR, China: Temporarily Preserved Vegetable Market 2024

Temporarily Preserved Vegetable Market Size in Hong Kong SAR, China

In 2022, after two years of growth, there was decline in the Hong Kong temporarily preserved vegetable market, when its value decreased by -3.1% to $X. Overall, consumption faced a abrupt contraction. Over the period under review, the market reached the peak level at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Temporarily Preserved Vegetable Production in Hong Kong SAR, China

In value terms, temporarily preserved vegetable production rose modestly to $X in 2022 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of 20%. Temporarily preserved vegetable production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Temporarily Preserved Vegetable Exports

Exports from Hong Kong SAR, China

In 2022, shipments abroad of vegetables (temporarily preserved) was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. In general, exports continue to indicate buoyant growth. The pace of growth was the most pronounced in 2013 with an increase of 503%. Over the period under review, the exports attained the maximum at X tons in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, temporarily preserved vegetable exports rose to $X in 2022. Overall, exports saw a resilient increase. The pace of growth was the most pronounced in 2013 when exports increased by 420% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

Mozambique (X tons), the UK (X tons) and Panama (X tons) were the main destinations of temporarily preserved vegetable exports from Hong Kong SAR, with a combined 53% share of total exports. Singapore, Canada and the Netherlands lagged somewhat behind, together comprising a further 11%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Singapore (with a CAGR of +21.6%), while the other leaders experienced mixed trend patterns.

In value terms, the UK ($X) emerged as the key foreign market for vegetables (temporarily preserved) exports from Hong Kong SAR, comprising 38% of total exports. The second position in the ranking was taken by Panama ($X), with a 15% share of total exports. It was followed by Canada, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the UK stood at -12.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (+10.7% per year) and Canada (+6.2% per year).

Export Prices by Country

The average temporarily preserved vegetable export price stood at $X per ton in 2022, which is down by -15.4% against the previous year. In general, the export price, however, saw pronounced growth. The most prominent rate of growth was recorded in 2021 an increase of 67%. As a result, the export price attained the peak level of $X per ton, and then declined dramatically in the following year.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to Mozambique ($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 UK (+17.6%), while the prices for the other major destinations experienced more modest paces of growth.

Temporarily Preserved Vegetable Imports

Imports into Hong Kong SAR, China

In 2022, overseas purchases of vegetables (temporarily preserved) decreased by -3.5% to X tons, falling for the ninth year in a row after two years of growth. In general, imports showed a dramatic descent. The pace of growth appeared the most rapid in 2013 with an increase of 21% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, temporarily preserved vegetable imports expanded sharply to $X in 2022. Overall, imports continue to indicate a deep setback. The pace of growth was the most pronounced in 2013 with an increase of 60% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of temporarily preserved vegetable to Hong Kong SAR, with a 61% share of total imports. Moreover, temporarily preserved vegetable imports from China exceeded the figures recorded by the second-largest supplier, France (X tons), twofold.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to -27.1%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+0.6% per year) and Italy (-9.7% per year).

In value terms, the largest temporarily preserved vegetable suppliers to Hong Kong SAR were France ($X), China ($X) and Italy ($X).

France, with a CAGR of -5.1%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2022, the average temporarily preserved vegetable import price amounted to $X per ton, with an increase of 14% against the previous year. Over the period under review, the import price posted a resilient expansion. The pace of growth was the most pronounced in 2014 when the average import price increased by 101% against the previous year. The import price peaked at $X per ton in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+6.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :