Hong Kong SAR, China: Base Metal Hook Market 2023

Base Metal Hook Market Size in Hong Kong SAR, China

The Hong Kong base metal hook market declined markedly to $X in 2022, with a decrease of -88.6% 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). Over the period under review, consumption faced a deep downturn. Base metal hook consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Base Metal Hook Exports

Exports from Hong Kong SAR, China

In 2022, base metal hook exports from Hong Kong SAR fell sharply to X tons, waning by -40.2% on 2021 figures. In general, exports continue to indicate a perceptible decrease. The most prominent rate of growth was recorded in 2021 with an increase of 17%. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, base metal hook exports reduced notably to $X in 2022. Overall, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 17% against the previous year. As a result, the exports attained the peak of $X, and then dropped rapidly in the following year.

Exports by Country

Vietnam (X tons), China (X tons) and Indonesia (X tons) were the main destinations of base metal hook exports from Hong Kong SAR, together comprising 46% of total exports. Bangladesh, the United States, India, Cambodia, Thailand, Sri Lanka, the UK, Canada, Honduras and France lagged somewhat behind, together comprising a further 40%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Honduras (with a CAGR of +20.5%), while the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), China ($X) and Indonesia ($X) constituted the largest markets for base metal hook exported from Hong Kong SAR worldwide, with a combined 50% share of total exports. Bangladesh, India, Cambodia, Sri Lanka, Thailand, the United States, Honduras, France, the UK and Canada lagged somewhat behind, together comprising a further 34%.

Among the main countries of destination, Honduras, with a CAGR of +29.6%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average base metal hook export price amounted to $X per ton, increasing by 17% against the previous year. Overall, export price indicated a resilient increase from 2012 to 2022: its price increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, base metal hook export price increased by +83.5% against 2013 indices. The pace of growth was the most pronounced in 2014 an increase of 18%. The export price peaked in 2022 and is likely to see gradual growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+9.7%), while the prices for the other major destinations experienced more modest paces of growth.

Base Metal Hook Imports

Imports into Hong Kong SAR, China

In 2022, the amount of base metal hooks, eyes and eyelets imported into Hong Kong SAR shrank remarkably to X tons, waning by -48.1% on the previous year. Over the period under review, imports showed a abrupt descent. The pace of growth appeared the most rapid in 2018 when imports increased by 50% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of imports failed to regain momentum.

In value terms, base metal hook imports contracted remarkably to $X in 2022. In general, total imports indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +3.7% 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 2021 with an increase of 33% against the previous year. As a result, imports reached the peak of $X, and then shrank sharply in the following year.

Imports by Country

In 2022, China (X tons) was the main supplier of base metal hook to Hong Kong SAR, with a 92% share of total imports. Moreover, base metal hook imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to -5.4%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+8.9% per year) and Vietnam (+19.1% per year).

In value terms, China ($X) constituted the largest supplier of base metal hooks, eyes and eyelets to Hong Kong SAR, comprising 86% of total imports. The second position in the ranking was held by South Korea ($X), with a 7.5% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China totaled +4.4%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+8.1% per year) and Vietnam (+18.9% per year).

Import Prices by Country

The average base metal hook import price stood at $X per ton in 2022, jumping by 36% against the previous year. Overall, the import price posted resilient growth. The most prominent rate of growth was recorded in 2020 when the average import price increased by 41%. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+10.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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