Hong Kong SAR, China: Granite Block Market 2024

Granite Block Market Size in Hong Kong SAR, China

The Hong Kong granite block market fell remarkably to $X in 2022, shrinking by -45.5% 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). In general, consumption recorded a dramatic decrease. Granite block consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Granite Block Exports

Exports from Hong Kong SAR, China

In 2022, exports of granite blocks and slabs from Hong Kong SAR was estimated at X tons, growing by 3.4% against the year before. Over the period under review, exports, however, faced a sharp reduction. The pace of growth appeared the most rapid in 2020 with an increase of 85%. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, granite block exports stood at $X in 2022. Overall, exports, however, faced a abrupt slump. The growth pace was the most rapid in 2016 with an increase of 14% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for granite block exports from Hong Kong SAR, with a 57% share of total exports. Moreover, granite block exports to China exceeded the volume sent to the second major destination, the Philippines (X tons), threefold. The third position in this ranking was held by Malawi (X tons), with a 5.6% share.

From 2012 to 2022, the average annual growth rate of volume to China stood at -26.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (+1.3% per year) and Malawi (+69.3% per year).

In value terms, the largest markets for granite block exported from Hong Kong SAR were the Philippines ($X), China ($X) and Jamaica ($X), with a combined 81% share of total exports. The United States, the UK, Malawi, Switzerland and Canada lagged somewhat behind, together accounting for a further 12%.

Malawi, with a CAGR of +35.4%, saw 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 more modest paces of growth.

Export Prices by Country

In 2022, the average granite block export price amounted to $X per ton, falling by -2.1% against the previous year. Over the period under review, the export price, however, enjoyed resilient growth. The growth pace was the most rapid in 2019 when the average export price increased by 146%. As a result, the export price reached the peak level of $X per ton. From 2020 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while the average price for exports to Canada ($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 the Philippines (+8.7%), while the prices for the other major destinations experienced mixed trend patterns.

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Granite Block Imports

Imports into Hong Kong SAR, China

For the fifth consecutive year, Hong Kong SAR recorded decline in overseas purchases of granite blocks and slabs, which decreased by -44.1% to X tons in 2022. In general, imports continue to indicate a precipitous slump. The pace of growth appeared the most rapid in 2015 with an increase of 12% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, granite block imports contracted significantly to $X in 2022. Over the period under review, imports saw a precipitous decrease. The pace of growth appeared the most rapid in 2015 when imports increased by 7.4%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, India (X tons) constituted the largest supplier of granite block to Hong Kong SAR, with a 61% share of total imports. Moreover, granite block imports from India exceeded the figures recorded by the second-largest supplier, Mozambique (X tons), twofold. The third position in this ranking was held by China (X tons), with a 7.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from India totaled -24.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Mozambique (-20.8% per year) and China (-38.6% per year).

In value terms, India ($X) constituted the largest supplier of granite blocks and slabs to Hong Kong SAR, comprising 47% of total imports. The second position in the ranking was held by Mozambique ($X), with a 14% share of total imports. It was followed by China, with a 14% share.

From 2012 to 2022, the average annual growth rate of value from India totaled -27.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Mozambique (-37.3% per year) and China (-35.4% per year).

Import Prices by Country

In 2022, the average granite block import price amounted to $X per ton, approximately mirroring the previous year. In general, the import price recorded a perceptible shrinkage. The most prominent rate of growth was recorded in 2013 an increase of 11% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Portugal (+23.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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