Hong Kong SAR, China: Unvulcanized Rubber Market 2024

Unvulcanized Rubber Market Size in Hong Kong SAR, China

After two years of decline, the Hong Kong unvulcanized rubber market increased by 19% to $X in 2022. The market value increased at an average annual rate of +3.7% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Unvulcanized Rubber Production in Hong Kong SAR, China

In value terms, unvulcanized rubber production totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.8% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The growth pace was the most rapid in 2015 when the production volume increased by 13%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Unvulcanized Rubber Exports

Exports from Hong Kong SAR, China

In 2022, the amount of unvulcanized rubber and articles thereof exported from Hong Kong SAR contracted significantly to X tons, with a decrease of -44% compared with the previous year's figure. Overall, exports faced a drastic downturn. The pace of growth appeared the most rapid in 2021 with an increase of 24%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, unvulcanized rubber exports fell dramatically to $X in 2022. Over the period under review, exports showed a deep setback. The most prominent rate of growth was recorded in 2021 with an increase of 26% against the previous year. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for unvulcanized rubber exports from Hong Kong SAR, with a 80% share of total exports. Moreover, unvulcanized rubber exports to China exceeded the volume sent to the second major destination, Vietnam (X tons), sevenfold. The third position in this ranking was held by Bangladesh (X tons), with a 2.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China amounted to -13.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-14.3% per year) and Bangladesh (-16.8% per year).

In value terms, China ($X) remains the key foreign market for unvulcanized rubber and articles thereof exports from Hong Kong SAR, comprising 84% of total exports. The second position in the ranking was held by Vietnam ($X), with a 7.2% share of total exports. It was followed by Bangladesh, with a 1.4% share.

From 2012 to 2022, the average annual growth rate of value to China amounted to -9.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-14.0% per year) and Bangladesh (-8.9% per year).

Export Prices by Country

The average unvulcanized rubber export price stood at $X per ton in 2022, jumping by 17% against the previous year. Over the last decade, it increased at an average annual rate of +5.2%. The pace of growth appeared the most rapid in 2013 an increase of 34% against the previous year. Over the period under review, the average export prices attained the peak figure in 2022 and is likely to see gradual growth in years to come.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to Sri Lanka ($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 Taiwan (Chinese) (+24.3%), while the prices for the other major destinations experienced more modest paces of growth.

Unvulcanized Rubber Imports

Imports into Hong Kong SAR, China

In 2022, approx. X tons of unvulcanized rubber and articles thereof were imported into Hong Kong SAR; with a decrease of -23% compared with 2021. In general, imports saw a abrupt curtailment. The most prominent rate of growth was recorded in 2021 when imports increased by 8.7%. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, unvulcanized rubber imports shrank sharply to $X in 2022. Over the period under review, imports showed a deep downturn. The growth pace was the most rapid in 2021 when imports increased by 20%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest unvulcanized rubber supplier to Hong Kong SAR, accounting for a 54% share of total imports. Moreover, unvulcanized rubber imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), fivefold. The third position in this ranking was held by Thailand (X tons), with an 8.2% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at -2.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-7.2% per year) and Thailand (-21.3% per year).

In value terms, the largest unvulcanized rubber suppliers to Hong Kong SAR were China ($X), Japan ($X) and Germany ($X), together comprising 70% of total imports.

In terms of the main suppliers, Germany, with a CAGR of -1.0%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average unvulcanized rubber import price stood at $X per ton in 2022, dropping by -3.9% against the previous year. Over the last decade, it increased at an average annual rate of +2.0%. The most prominent rate of growth was recorded in 2013 when the average import price increased by 18%. Over the period under review, average import prices reached the maximum at $X per ton in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+9.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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