Hong Kong SAR, China: Borates Market 2023

Borates Market Size in Hong Kong SAR, China

For the fifth year in a row, the Hong Kong borates market recorded decline in sales value, which decreased by -43.3% to $X in 2021. In general, consumption faced a abrupt shrinkage. As a result, consumption attained the peak level of $X. From 2017 to 2021, the growth of the market remained at a somewhat lower figure.

Borates Production in Hong Kong SAR, China

In value terms, borates production stood at $X in 2021 estimated in export price. Overall, production continues to indicate a sharp reduction. The most prominent rate of growth was recorded in 2013 when the production volume decreased by -71.1% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Borates Exports

Exports from Hong Kong SAR, China

In 2021, after two years of decline, there was significant growth in overseas shipments of borates, when their volume increased by 966% to X tons. Overall, exports, however, showed a dramatic downturn. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, borates exports skyrocketed to $X in 2021. Over the period under review, exports, however, saw a abrupt descent. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for borates exports from Hong Kong SAR, accounting for a approx. 99% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to China amounted to -24.9%.

In value terms, China ($X) also remains the key foreign market for borates exports from Hong Kong SAR.

From 2012 to 2021, the average annual growth rate of value to China stood at -16.8%.

Export Prices by Country

In 2021, the average borates export price amounted to $X per ton, with a decrease of -58.1% against the previous year. Over the period under review, the export price, however, posted a strong increase. The most prominent rate of growth was recorded in 2019 an increase of 906% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2020 to 2021, the average export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for China.

From 2012 to 2021, the rate of growth in terms of prices for China amounted to +10.7% per year.

Borates Imports

Imports into Hong Kong SAR, China

Borates imports into Hong Kong SAR surged to X tons in 2021, with an increase of 432% compared with the previous year's figure. In general, imports, however, showed a noticeable contraction. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, borates imports skyrocketed to $X in 2021. Overall, imports, however, showed a abrupt decline. Imports peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of borates to Hong Kong SAR, with a 68% share of total imports. Moreover, borates imports from China exceeded the figures recorded by the second-largest supplier, Italy (X tons), fourfold. The third position in this ranking was taken by Taiwan (Chinese) (X tons), with a 5.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +29.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-11.5% per year) and Taiwan (Chinese) (+11.8% per year).

In value terms, China ($X) constituted the largest supplier of borates to Hong Kong SAR, comprising 48% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 20% share of total imports. It was followed by Italy, with a 16% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +22.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+12.1% per year) and Italy (-17.1% per year).

Import Prices by Country

In 2021, the average borates import price amounted to $X per ton, which is down by -31.9% against the previous year. Overall, the import price continues to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2019 an increase of 156%. Over the period under review, average import prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Taiwan (Chinese) ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+0.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Market Intelligence Platform

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