Hong Kong SAR, China: Boring Machinery Market 2024

Boring Machinery Market Size in Hong Kong SAR, China

The Hong Kong boring machinery market dropped modestly to $X.6B in 2022, with a decrease of X% against the previous year. Over the period under review, consumption, however, recorded significant growth. Over the period under review, the market hit record highs at $X.3B in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Boring Machinery Production in Hong Kong SAR, China

In value terms, boring machinery production reduced modestly to $X.6B in 2022 estimated in export price. Overall, production, however, recorded significant growth. The most prominent rate of growth was recorded in 2013 with an increase of X%. Boring machinery production peaked at $X.3B in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Boring Machinery Exports

Exports from Hong Kong SAR, China

After two years of growth, overseas shipments of boring or sinking machinery decreased by X% to X units in 2022. In general, exports, however, recorded a prominent expansion. The growth pace was the most rapid in 2018 with an increase of X% against the previous year. As a result, the exports attained the peak of X units. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, boring machinery exports declined rapidly to $X in 2022. Over the period under review, exports, however, enjoyed a resilient increase. The pace of growth was the most pronounced in 2018 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

South Korea (X units) was the main destination for boring machinery exports from Hong Kong SAR, accounting for a X% share of total exports. Moreover, boring machinery exports to South Korea exceeded the volume sent to the second major destination, Macao SAR (X units), fourfold. Singapore (X units) ranked third in terms of total exports with an X% share.

From 2012 to 2022, the average annual growth rate of volume to South Korea stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Macao SAR (X% per year) and Singapore (X% per year).

In value terms, South Korea ($X) emerged as the key foreign market for boring or sinking machinery exports from Hong Kong SAR, comprising X% of total exports. The second position in the ranking was held by Macao SAR ($X), with a X% share of total exports. It was followed by Singapore, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to South Korea stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Macao SAR (X% per year) and Singapore (X% per year).

Export Prices by Country

In 2022, the average boring machinery export price amounted to $X per unit, falling by X% against the previous year. In general, the export price continues to indicate a noticeable descent. The most prominent rate of growth was recorded in 2019 an increase of X%. The export price peaked at $X per unit in 2016; however, from 2017 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 Macao SAR ($X per unit), while the average price for exports to Thailand ($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 South Korea (X%), while the prices for the other major destinations experienced a decline.

Boring Machinery Imports

Imports into Hong Kong SAR, China

In 2022, the amount of boring or sinking machinery imported into Hong Kong SAR contracted to X units, with a decrease of X% on 2021 figures. In general, total imports indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of X%. Over the period under review, imports hit record highs at X units in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, boring machinery imports skyrocketed to $X in 2022. Overall, total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2017 indices. The growth pace was the most rapid in 2014 when imports increased by X%. As a result, imports reached the peak of $X; afterwards, it flattened through to 2022.

Imports by Country

China (X units), South Korea (X units) and Macao SAR (X units) were the main suppliers of boring machinery imports to Hong Kong SAR, together comprising X% of total imports. Japan and Germany lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for Japan (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Macao SAR ($X), South Korea ($X) and China ($X) appeared to be the largest boring machinery suppliers to Hong Kong SAR, together accounting for X% of total imports. Germany and Japan lagged somewhat behind, together accounting for a further X%.

In terms of the main suppliers, Germany, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average boring machinery import price amounted to $X per unit, jumping by X% against the previous year. In general, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of X%. As a result, import price attained the peak level of $X per unit. From 2021 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Macao SAR ($X per unit), while the price for Japan ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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