Hong Kong SAR, China: Worked Wax Articles Market 2024

Worked Wax Articles Market Size in Hong Kong SAR, China

In 2022, after eight years of decline, there was significant growth in the Hong Kong worked wax articles market, when its value increased by 59% to $X. Overall, consumption, however, continues to indicate a deep downturn. Worked wax articles consumption peaked at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Worked Wax Articles Exports

Exports from Hong Kong SAR, China

In 2022, worked wax articles exports from Hong Kong SAR fell notably to X units, reducing by -58% compared with the previous year's figure. Over the period under review, exports recorded a abrupt decline. The pace of growth appeared the most rapid in 2017 with an increase of 324%. As a result, the exports attained the peak of X units. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, worked wax articles exports dropped markedly to $X in 2022. In general, exports showed a deep slump. The pace of growth appeared the most rapid in 2017 with an increase of 126% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The United States (X units) was the main destination for worked wax articles exports from Hong Kong SAR, with a 36% share of total exports. Moreover, worked wax articles exports to the United States exceeded the volume sent to the second major destination, China (X units), twofold. Australia (X units) ranked third in terms of total exports with a 7.4% share.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at -16.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-17.7% per year) and Australia (+34.5% per year).

In value terms, the United States ($X) remains the key foreign market for worked articles of wax exports from Hong Kong SAR, comprising 25% of total exports. The second position in the ranking was held by India ($X), with a 12% share of total exports. It was followed by China, with a 9.7% share.

From 2012 to 2022, the average annual growth rate of value to the United States totaled -7.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+33.8% per year) and China (-14.5% per year).

Export Prices by Country

The average worked wax articles export price stood at $X per thousand units in 2022, increasing by 31% against the previous year. In general, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the average export price increased by 66%. As a result, the export price attained the peak level of $X per thousand units. From 2016 to 2022, the average export prices remained at a somewhat lower figure.

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 India ($X per thousand units), while the average price for exports to Macao SAR ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+17.8%), while the prices for the other major destinations experienced more modest paces of growth.

Worked Wax Articles Imports

Imports into Hong Kong SAR, China

In 2022, after seven years of decline, there was significant growth in supplies from abroad of worked articles of wax, when their volume increased by 34% to X units. Over the period under review, imports, however, showed a abrupt curtailment. Over the period under review, imports attained the maximum at X units in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, worked wax articles imports skyrocketed to $X in 2022. Overall, imports, however, saw a deep reduction. The pace of growth appeared the most rapid in 2013 with an increase of 43%. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, China (X units) was the main supplier of worked wax articles to Hong Kong SAR, accounting for a 91% share of total imports. Moreover, worked wax articles imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from China amounted to -6.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+17.8% per year) and India (+5.7% per year).

In value terms, China ($X) constituted the largest supplier of worked articles of wax to Hong Kong SAR, comprising 75% of total imports. The second position in the ranking was held by Japan ($X), with a 14% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+25.8% per year) and India (+17.5% per year).

Import Prices by Country

The average worked wax articles import price stood at $X per thousand units in 2022, increasing by 4.2% against the previous year. Over the period under review, import price indicated notable growth from 2012 to 2022: its price increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, worked wax articles import price increased by +18.7% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the average import price increased by 79% against the previous year. The import price peaked in 2022 and is likely to see steady growth in the near future.

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 India ($X per thousand units), while the price for China ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Denmark (+24.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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