Hong Kong SAR, China: Wooden Office Furniture Market 2024

Wooden Office Furniture Market Size in Hong Kong SAR, China

The Hong Kong wooden office furniture market contracted to $X in 2021, declining by -7.6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption continues to indicate a deep contraction. The most prominent rate of growth was recorded in 2019 with an increase of 2.7% against the previous year. Wooden office furniture consumption peaked at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Wooden Office Furniture Exports

Exports from Hong Kong SAR, China

In 2021, shipments abroad of wooden furniture of a kind used in offices increased by 40% to X units for the first time since 2018, thus ending a two-year declining trend. Overall, exports, however, continue to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2018 with an increase of 41%. The exports peaked at X units in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, wooden office furniture exports amounted to $X in 2021. Over the period under review, exports, however, recorded a abrupt descent. The most prominent rate of growth was recorded in 2018 when exports increased by 20% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

The Philippines (X units) was the main destination for wooden office furniture exports from Hong Kong SAR, with a 54% share of total exports. Moreover, wooden office furniture exports to the Philippines exceeded the volume sent to the second major destination, China (X units), fourfold. Macao SAR (X units) ranked third in terms of total exports with an 8.7% share.

From 2012 to 2021, the average annual growth rate of volume to the Philippines amounted to +6.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-15.9% per year) and Macao SAR (-13.2% per year).

In value terms, the Philippines ($X), China ($X) and France ($X) were the largest markets for wooden office furniture exported from Hong Kong SAR worldwide, with a combined 58% share of total exports.

France, with a CAGR of +39.6%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average wooden office furniture export price stood at $X per unit in 2021, which is down by -23% against the previous year. In general, the export price recorded a slight decrease. The most prominent rate of growth was recorded in 2014 when the average export price increased by 56%. Over the period under review, the average export prices attained the peak figure at $X per unit in 2017; however, from 2018 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was France ($X per unit), while the average price for exports to Canada ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Egypt (+47.8%), while the prices for the other major destinations experienced more modest paces of growth.

Wooden Office Furniture Imports

Imports into Hong Kong SAR, China

In 2021, purchases abroad of wooden furniture of a kind used in offices decreased by -11.3% to X units for the first time since 2018, thus ending a two-year rising trend. Over the period under review, imports continue to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2020 when imports increased by 11% against the previous year. Imports peaked at X units in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, wooden office furniture imports declined to $X in 2021. In general, imports continue to indicate a abrupt decrease. The smallest decline of -0.1% was in 2014. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) was the main supplier of wooden office furniture to Hong Kong SAR, with a 96% share of total imports. It was followed by South Korea (X units), with a 1.7% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled -7.2%.

In value terms, China ($X) constituted the largest supplier of wooden furniture of a kind used in offices to Hong Kong SAR, comprising 79% of total imports. The second position in the ranking was taken by South Korea ($X), with a 1.9% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China stood at -6.7%.

Import Prices by Country

In 2021, the average wooden office furniture import price amounted to $X per unit, growing by 8.6% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.1%. The pace of growth appeared the most rapid in 2015 when the average import price increased by 18%. The import price peaked at $X per unit in 2016; however, from 2017 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was South Korea ($X per unit), while the price for China totaled $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+0.5%).

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :