Hong Kong SAR, China: Vacuum Pump Market 2024

Vacuum Pump Market Size in Hong Kong SAR, China

In 2022, the Hong Kong vacuum pump market increased by 108% to $X, rising for the second year in a row after two years of decline. In general, consumption showed a pronounced increase. Vacuum pump consumption peaked at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Vacuum Pump Production in Hong Kong SAR, China

In value terms, vacuum pump production fell slightly to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a significant increase. The most prominent rate of growth was recorded in 2021 when the production volume increased by 10% against the previous year. Vacuum pump production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Vacuum Pump Exports

Exports from Hong Kong SAR, China

In 2022, approx. X units of vacuum pumps were exported from Hong Kong SAR; reducing by -86.1% compared with the previous year. In general, exports saw a deep setback. The growth pace was the most rapid in 2019 when exports increased by 262% against the previous year. The exports peaked at X units in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, vacuum pump exports fell to $X in 2022. Overall, exports recorded a perceptible curtailment. The growth pace was the most rapid in 2014 with an increase of 114%. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

China (X units) was the main destination for vacuum pump exports from Hong Kong SAR, with a 86% share of total exports. Moreover, vacuum pump exports to China exceeded the volume sent to the second major destination, the United States (X units), fivefold. The third position in this ranking was taken by Germany (X units), with a 14% share.

From 2012 to 2022, the average annual growth rate of volume to China amounted to +8.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-22.1% per year) and Germany (+14.0% per year).

In value terms, China ($X) remains the key foreign market for vacuum pumps exports from Hong Kong SAR, comprising 83% of total exports. The second position in the ranking was taken by Japan ($X), with a 2.1% share of total exports. It was followed by the United States, with a 2% share.

From 2012 to 2022, the average annual growth rate of value to China totaled -1.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-7.8% per year) and the United States (-19.2% per year).

Export Prices by Country

The average vacuum pump export price stood at $X per unit in 2022, rising by 536% against the previous year. Over the period under review, the export price posted a remarkable increase. Over the period under review, the average export prices attained the maximum at $X per unit in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to Mexico ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+3.7%), while the prices for the other major destinations experienced a decline.

Vacuum Pump Imports

Imports into Hong Kong SAR, China

In 2022, after two years of growth, there was significant decline in supplies from abroad of vacuum pumps, when their volume decreased by -31.2% to X units. Overall, imports saw a deep setback. The growth pace was the most rapid in 2021 with an increase of 256% against the previous year. Over the period under review, imports reached the maximum at X units in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, vacuum pump imports skyrocketed to $X in 2022. Over the period under review, imports, however, enjoyed a remarkable increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Japan (X units) constituted the largest supplier of vacuum pump to Hong Kong SAR, accounting for a 41% share of total imports. Moreover, vacuum pump imports from Japan exceeded the figures recorded by the second-largest supplier, China (X units), twofold. The third position in this ranking was taken by Taiwan (Chinese) (X units), with a 7.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Japan amounted to +4.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-12.0% per year) and Taiwan (Chinese) (+12.0% per year).

In value terms, Japan ($X) constituted the largest supplier of vacuum pumps to Hong Kong SAR, comprising 20% of total imports. The second position in the ranking was taken by Germany ($X), with a 9.3% share of total imports. It was followed by Singapore, with a 7.1% share.

From 2012 to 2022, the average annual growth rate of value from Japan totaled +8.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-2.1% per year) and Singapore (+7.4% per year).

Import Prices by Country

In 2022, the average vacuum pump import price amounted to $X per unit, increasing by 230% against the previous year. In general, the import price recorded prominent growth. The pace of growth appeared the most rapid in 2019 an increase of 402% against the previous year. As a result, import price attained the peak level of $X per unit. From 2020 to 2022, the average import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+36.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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