Hong Kong SAR, China: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in Hong Kong SAR, China

In 2022, the Hong Kong refined olive oil market increased by X% to $X, rising for the third consecutive year after three years of decline. In general, consumption, however, saw a perceptible descent. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Refined Olive Oil Production in Hong Kong SAR, China

In value terms, refined olive oil production shrank to $X in 2022 estimated in export price. Over the period under review, production recorded a abrupt descent. The most prominent rate of growth was recorded in 2021 with an increase of X%. Refined olive oil production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

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Refined Olive Oil Exports

Exports from Hong Kong SAR, China

In 2022, shipments abroad of refined olive oil was finally on the rise to reach X tons after two years of decline. In general, exports, however, recorded a abrupt descent. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, refined olive oil exports skyrocketed to $X in 2022. Over the period under review, exports, however, showed a perceptible contraction. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Macao SAR (X tons) was the main destination for refined olive oil exports from Hong Kong SAR, accounting for a X% share of total exports. It was followed by China (X tons), with a X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Macao SAR amounted to X%.

In value terms, Macao SAR ($X) remains the key foreign market for refined olive oil exports from Hong Kong SAR, comprising X% of total exports. The second position in the ranking was held by China ($X), with a X% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Macao SAR stood at X%.

Export Prices by Country

In 2022, the average refined olive oil export price amounted to $X per ton, increasing by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The growth pace was the most rapid in 2016 an increase of X%. Over the period under review, the average export prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Macao SAR amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (X%).

Refined Olive Oil Imports

Imports into Hong Kong SAR, China

In 2022, imports of refined olive oil into Hong Kong SAR skyrocketed to X tons, rising by X% on the year before. The total import volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2020 with an increase of X% against the previous year. Imports peaked in 2022 and are likely to see steady growth in years to come.

In value terms, refined olive oil imports soared to $X in 2022. Overall, total imports indicated a pronounced 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 2019 indices. The growth pace was the most rapid in 2013 with an increase of X% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, Italy (X tons) constituted the largest supplier of refined olive oil to Hong Kong SAR, accounting for a X% share of total imports. Moreover, refined olive oil imports from Italy exceeded the figures recorded by the second-largest supplier, Spain (X tons), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Italy totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (X% per year) and the United States (X% per year).

In value terms, Italy ($X) constituted the largest supplier of refined olive oil to Hong Kong SAR, comprising X% of total imports. The second position in the ranking was held by Spain ($X), with a X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Italy amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (X% per year) and the United States (X% per year).

Import Prices by Country

The average refined olive oil import price stood at $X per ton in 2022, growing by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2013 when the average import price increased by X% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

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 the United States ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform