Hong Kong SAR, China: Wooden Kitchen Furniture Market 2024

Wooden Kitchen Furniture Market Size in Hong Kong SAR, China

The Hong Kong wooden kitchen furniture market reduced notably to $X in 2022, with a decrease of -25% 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). In general, the total consumption indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +13.1% against 2020 indices. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Wooden Kitchen Furniture Exports

Exports from Hong Kong SAR, China

In 2022, wooden kitchen furniture exports from Hong Kong SAR shrank rapidly to X units, waning by -85.7% compared with the previous year's figure. In general, exports faced a precipitous slump. The pace of growth was the most pronounced in 2013 when exports increased by 173%. Over the period under review, the exports attained the peak figure at X units in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, wooden kitchen furniture exports reduced remarkably to $X in 2022. Overall, exports faced a drastic downturn. The pace of growth appeared the most rapid in 2014 when exports increased by 774%. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

China (X units), the United States (X units) and Macao SAR (X units) were the main destinations of wooden kitchen furniture exports from Hong Kong SAR, with a combined 85% share of total exports. The Philippines, Singapore and Maldives lagged somewhat behind, together accounting for a further 15%.

From 2012 to 2022, the biggest increases were recorded for Singapore (with a CAGR of +42.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the key foreign market for wooden furniture for kitchens exports from Hong Kong SAR, comprising 82% of total exports. The second position in the ranking was held by Macao SAR ($X), with an 11% share of total exports. It was followed by the United States, with a 3.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China totaled -8.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Macao SAR (-14.7% per year) and the United States (-14.4% per year).

Export Prices by Country

In 2022, the average wooden kitchen furniture export price amounted to $X per unit, waning by -7.2% against the previous year. Over the period under review, the export price, however, showed a strong expansion. The pace of growth was the most pronounced in 2014 when the average export price increased by 496% against the previous year. The export price peaked at $X per unit in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to Maldives ($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 China (+17.6%), while the prices for the other major destinations experienced more modest paces of growth.

Wooden Kitchen Furniture Imports

Imports into Hong Kong SAR, China

Wooden kitchen furniture imports into Hong Kong SAR contracted sharply to X units in 2022, with a decrease of -23.7% on the year before. Overall, imports, however, continue to indicate a noticeable increase. The most prominent rate of growth was recorded in 2021 with an increase of 94% against the previous year. Over the period under review, imports hit record highs at X units in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, wooden kitchen furniture imports shrank dramatically to $X in 2022. Over the period under review, total imports indicated a modest expansion from 2012 to 2022: its value increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 when imports increased by 85% against the previous year. Over the period under review, imports hit record highs at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest wooden kitchen furniture supplier to Hong Kong SAR, with a 67% share of total imports. Moreover, wooden kitchen furniture imports from China exceeded the figures recorded by the second-largest supplier, Germany (X units), threefold. The third position in this ranking was taken by Italy (X units), with a 9.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+21.0% per year) and Italy (+18.9% per year).

In value terms, the largest wooden kitchen furniture suppliers to Hong Kong SAR were China ($X), Italy ($X) and Germany ($X), together comprising 97% of total imports. Japan lagged somewhat behind, comprising a further 2.1%.

Japan, with a CAGR of +7.1%, 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 more modest paces of growth.

Import Prices by Country

The average wooden kitchen furniture import price stood at $X per unit in 2022, waning by -5.8% against the previous year. Overall, the import price saw a mild contraction. The most prominent rate of growth was recorded in 2014 an increase of 76%. As a result, import price attained the peak level of $X per unit. From 2015 to 2022, the average import prices failed to regain momentum.

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 Italy ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+5.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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