Hong Kong SAR, China: Flax Fabric Market 2024

Flax Fabric Market Size in Hong Kong SAR, China

After ten years of growth, the Hong Kong flax fabric market decreased by -59.6% to $X in 2022. In general, consumption continues to indicate a abrupt decline. As a result, consumption attained the peak level of $X, and then declined notably in the following year.

Flax Fabric Production in Hong Kong SAR, China

In value terms, flax fabric production surged to $X in 2022 estimated in export price. In general, production showed a abrupt slump. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Flax Fabric Exports

Exports from Hong Kong SAR, China

In 2022, flax fabric exports from Hong Kong SAR surged to X tons, picking up by 67% on the previous year. In general, exports saw significant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, flax fabric exports fell markedly to $X in 2022. Over the period under review, exports, however, saw a abrupt curtailment. The growth pace was the most rapid in 2021 when exports increased by 28%. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Bangladesh (X tons), China (X tons) and Vietnam (X tons) were the main destinations of flax fabric exports from Hong Kong SAR, together accounting for 86% of total exports.

From 2020 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Vietnam (with a CAGR of +51.3%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the key foreign market for woven fabrics of flax exports from Hong Kong SAR, comprising 61% of total exports. The second position in the ranking was taken by Bangladesh ($X), with an 18% share of total exports. It was followed by Vietnam, with a 7.6% share.

From 2020 to 2022, the average annual rate of growth in terms of value to China totaled -6.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (-25.8% per year) and Vietnam (-2.0% per year).

Export Prices by Country

In 2022, the average flax fabric export price amounted to $X per ton, shrinking by -67.5% against the previous year. Overall, the export price recorded a significant decrease. The pace of growth appeared the most rapid in 2021 an increase of 30% against the previous year. As a result, the export price attained the peak level of $X per ton, and then dropped rapidly in the following year.

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

From 2020 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Cambodia (+346.0%), while the prices for the other major destinations experienced a decline.

Flax Fabric Imports

Imports into Hong Kong SAR, China

In 2022, after ten years of growth, there was significant decline in overseas purchases of woven fabrics of flax, when their volume decreased by -56.6% to X tons. In general, imports saw a drastic downturn. The most prominent rate of growth was recorded in 2021 when imports increased by 51%. As a result, imports reached the peak of X tons, and then shrank dramatically in the following year.

In value terms, flax fabric imports declined significantly to $X in 2022. Overall, imports showed a deep contraction. The growth pace was the most rapid in 2021 with an increase of 57%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) constituted the largest flax fabric supplier to Hong Kong SAR, with a 74% share of total imports. Moreover, flax fabric imports from China exceeded the figures recorded by the second-largest supplier, Italy (X tons), sevenfold. The third position in this ranking was taken by South Korea (X tons), with a 6% share.

From 2020 to 2022, the average annual rate of growth in terms of volume from China amounted to -25.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+6.0% per year) and South Korea (+47.5% per year).

In value terms, China ($X) constituted the largest supplier of woven fabrics of flax to Hong Kong SAR, comprising 53% of total imports. The second position in the ranking was held by Italy ($X), with a 23% share of total imports. It was followed by South Korea, with a 7.5% share.

From 2020 to 2022, the average annual growth rate of value from China amounted to -9.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+4.3% per year) and South Korea (+27.5% per year).

Import Prices by Country

The average flax fabric import price stood at $X per ton in 2022, growing by 37% against the previous year. In general, import price indicated a remarkable increase from 2020 to 2022: its price increased at an average annual rate of +19.4% over the last two-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, flax fabric import price increased by +42.6% against 2020 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2020 to 2022, the most notable rate of growth in terms of prices was attained by China (+20.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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