Hong Kong SAR, China: Paddy Rice Market 2023

Paddy Rice Market Size in Hong Kong SAR, China

In 2022, the Hong Kong paddy rice market decreased by -64.8% to $X, falling for the fourth consecutive year after seven years of growth. Over the period under review, consumption, however, posted significant growth. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Paddy Rice Production in Hong Kong SAR, China

In value terms, paddy rice production expanded significantly to $X in 2022 estimated in export price. Over the period under review, production showed a mild contraction. The most prominent rate of growth was recorded in 2013 when the production volume increased by 10% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

The average yield of paddy rice in Hong Kong SAR totaled less than X kg per ha in 2022, standing approx. at 2021. Overall, the yield recorded a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. less than X ha of paddy rice were harvested in Hong Kong SAR; remaining relatively unchanged against 2021. In general, the harvested area continues to indicate a relatively flat trend pattern.

Paddy Rice Exports

Exports from Hong Kong SAR, China

In 2022, the amount of paddy rice exported from Hong Kong SAR fell slightly to X tons, waning by -3.9% against 2021 figures. In general, exports saw a noticeable shrinkage. The most prominent rate of growth was recorded in 2014 with an increase of 700% against the previous year. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, paddy rice exports contracted to $X in 2022. Over the period under review, exports, however, saw a resilient expansion. The most prominent rate of growth was recorded in 2014 with an increase of 598% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2021, and then reduced in the following year.

Exports by Country

Bangladesh (X tons) was the main destination for paddy rice exports from Hong Kong SAR, with a 75% share of total exports. Moreover, paddy rice exports to Bangladesh exceeded the volume sent to the second major destination, Samoa (X tons), fourfold. Tonga (X tons) ranked third in terms of total exports with a 4.9% share.

From 2012 to 2022, the average annual growth rate of volume to Bangladesh totaled +36.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Samoa (-19.0% per year) and Tonga (+4.3% per year).

In value terms, Samoa ($X) remains the key foreign market for paddy rice exports from Hong Kong SAR, comprising 89% of total exports. The second position in the ranking was taken by Tonga ($X), with a 7.9% share of total exports. It was followed by Zimbabwe, with a 2.3% share.

From 2012 to 2022, the average annual growth rate of value to Samoa totaled +13.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Tonga (+27.3% per year) and Zimbabwe (+43.3% per year).

Export Prices by Country

In 2022, the average paddy rice export price amounted to $X per ton, which is down by -2.2% against the previous year. Over the period under review, the export price, however, showed a resilient increase. The most prominent rate of growth was recorded in 2017 an increase of 431%. The export price peaked at $X per ton in 2021, and then contracted modestly in the following year.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Samoa ($X per ton), while the average price for exports to Bangladesh ($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 Samoa (+40.5%), while the prices for the other major destinations experienced more modest paces of growth.

Paddy Rice Imports

Imports into Hong Kong SAR, China

In 2022, purchases abroad of paddy rice increased by 9.6% to X tons, rising for the second year in a row after three years of decline. Overall, imports, however, saw a abrupt contraction. The most prominent rate of growth was recorded in 2017 when imports increased by 932% against the previous year. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, paddy rice imports dropped to $X in 2022. In general, imports, however, showed a pronounced reduction. The pace of growth was the most pronounced in 2017 with an increase of 1,054%. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Thailand (X tons) constituted the largest supplier of paddy rice to Hong Kong SAR, with a 48% share of total imports. Moreover, paddy rice imports from Thailand exceeded the figures recorded by the second-largest supplier, Canada (X tons), twofold. The third position in this ranking was taken by India (X tons), with a 9.8% share.

From 2012 to 2022, the average annual growth rate of volume from Thailand amounted to -10.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (+10.6% per year) and India (+24.0% per year).

In value terms, Thailand ($X), China ($X) and the UK ($X) constituted the largest paddy rice suppliers to Hong Kong SAR, together comprising 86% of total imports.

In terms of the main suppliers, China, with a CAGR of +29.0%, recorded the highest rates of growth with regard to 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

The average paddy rice import price stood at $X per ton in 2022, falling by -15.2% against the previous year. Overall, import price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, paddy rice import price decreased by -31.6% against 2019 indices. The growth pace was the most rapid in 2014 when the average import price increased by 51%. The import price peaked at $X per ton in 2019; however, from 2020 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while the price for Canada ($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 (+24.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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