Hong Kong SAR, China: Carpet Market 2023

Carpet Market Size in Hong Kong SAR, China

In 2022, after three years of decline, there was significant growth in the Hong Kong carpet market, when its value increased by 11% to $X. Over the period under review, consumption, however, showed a deep setback. Carpet consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Carpet Exports

Exports from Hong Kong SAR, China

In 2022, exports of carpets and other textile floor coverings from Hong Kong SAR reduced dramatically to X square meters, which is down by -35.5% compared with the previous year's figure. In general, exports saw a deep setback. The most prominent rate of growth was recorded in 2021 with an increase of 174%. The exports peaked at X square meters in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, carpet exports reduced to $X in 2022. Overall, exports recorded a abrupt slump. The most prominent rate of growth was recorded in 2021 when exports increased by 15% against the previous year. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

China (X square meters) was the main destination for carpet exports from Hong Kong SAR, accounting for a 28% share of total exports. Moreover, carpet exports to China exceeded the volume sent to the second major destination, Spain (X square meters), threefold. The third position in this ranking was taken by the United States (X square meters), with a 6.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (+16.9% per year) and the United States (-24.9% per year).

In value terms, the largest markets for carpet exported from Hong Kong SAR were China ($X), the United States ($X) and Turkey ($X), with a combined 46% share of total exports.

Turkey, with a CAGR of +42.5%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average carpet export price amounted to $X per square meter, increasing by 39% against the previous year. Overall, the export price, however, showed a pronounced curtailment. The most prominent rate of growth was recorded in 2020 an increase of 80%. Over the period under review, the average export prices attained the peak figure at $X per square meter in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (+17.6%), while the prices for the other major destinations experienced more modest paces of growth.

Carpet Imports

Imports into Hong Kong SAR, China

In 2022, imports of carpets and other textile floor coverings into Hong Kong SAR fell to X square meters, waning by -5.7% against 2021. Over the period under review, imports continue to indicate a deep reduction. The pace of growth appeared the most rapid in 2021 with an increase of 19%. Over the period under review, imports reached the maximum at X square meters in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, carpet imports shrank to $X in 2022. In general, imports recorded a deep contraction. The most prominent rate of growth was recorded in 2021 when imports increased by 17% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X square meters) constituted the largest supplier of carpet to Hong Kong SAR, with a 69% share of total imports. Moreover, carpet imports from China exceeded the figures recorded by the second-largest supplier, Japan (X square meters), more than tenfold. The third position in this ranking was taken by Taiwan (Chinese) (X square meters), with a 4.9% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to -8.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-2.7% per year) and Taiwan (Chinese) (-3.2% per year).

In value terms, China ($X) constituted the largest supplier of carpets and other textile floor coverings to Hong Kong SAR, comprising 69% of total imports. The second position in the ranking was taken by Thailand ($X), with a 6.4% share of total imports. It was followed by the United States, with a 3.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to -9.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (-0.3% per year) and the United States (-16.2% per year).

Import Prices by Country

The average carpet import price stood at $X per square meter in 2022, approximately equating the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 an increase of 10% against the previous year. The import price peaked at $X per square meter in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Thailand ($X per square meter), while the price for Belgium ($X per square meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+3.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :