Hong Kong SAR, China: Root And Tuber Market 2022

Root And Tuber Market Size in Hong Kong SAR, China

After two years of decline, the Hong Kong root and tuber market increased by 24% to $X in 2021. In general, consumption recorded a prominent expansion. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market remained at a lower figure.

Root And Tuber Production in Hong Kong SAR, China

In value terms, root and tuber production surged to $X in 2021 estimated in export price. In general, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 82%. As a result, production reached the peak level of $X. From 2019 to 2021, production growth failed to regain momentum.

The average yield of roots and tubers in Hong Kong SAR totaled X tons per ha in 2021, approximately mirroring 2020 figures. Overall, the yield recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 8.5% against the previous year. As a result, the yield reached the peak level of X tons per ha. From 2016 to 2021, the growth of the average root and tuber yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2021, the harvested area of roots and tubers in Hong Kong SAR was estimated at X ha, remaining stable against the previous year. Over the period under review, the harvested area showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 25% against the previous year. The root and tuber harvested area peaked in 2021 and is expected to retain growth in the immediate term.

Root And Tuber Exports

Exports from Hong Kong SAR, China

For the seventh year in a row, Hong Kong SAR recorded decline in shipments abroad of roots and tubers, which decreased by -49.8% to X tons in 2021. Overall, exports showed a sharp shrinkage. The most prominent rate of growth was recorded in 2014 when exports increased by 29%. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, root and tuber exports reduced to $X in 2021. In general, exports saw a precipitous curtailment. The pace of growth was the most pronounced in 2014 with an increase of 81%. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Macao SAR (X tons) was the main destination for root and tuber exports from Hong Kong SAR, with a 97% share of total exports. Moreover, root and tuber exports to Macao SAR exceeded the volume sent to the second major destination, Malaysia (X tons), fourfold. The third position in this ranking was taken by Cambodia (X tons), with a 21% share.

From 2012 to 2021, the average annual growth rate of volume to Macao SAR totaled +105.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-41.2% per year) and Cambodia (-81.5% per year).

In value terms, Macao SAR ($X) emerged as the key foreign market for root and tuber exports from Hong Kong SAR, comprising 173% of total exports. The second position in the ranking was taken by Canada ($X), with a 28% share of total exports. It was followed by Singapore, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Macao SAR stood at +101.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+23.7% per year) and Singapore (-19.4% per year).

Export Prices by Country

In 2021, the average root and tuber export price amounted to $X per ton, growing by 71% against the previous year. In general, the export price enjoyed a strong increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Canada ($X per ton), while the average price for exports to Cambodia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+19.6%), while the prices for the other major destinations experienced more modest paces of growth.

Root And Tuber Imports

Imports into Hong Kong SAR, China

After two years of decline, supplies from abroad of roots and tubers increased by 14% to X tons in 2021. Overall, imports saw a resilient expansion. The most prominent rate of growth was recorded in 2018 with an increase of 127% against the previous year. As a result, imports reached the peak of X tons. From 2019 to 2021, the growth of imports remained at a lower figure.

In value terms, root and tuber imports skyrocketed to $X in 2021. Over the period under review, imports recorded resilient growth. The most prominent rate of growth was recorded in 2018 with an increase of 78%. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest root and tuber supplier to Hong Kong SAR, accounting for a 40% share of total imports. Moreover, root and tuber imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), threefold. The third position in this ranking was held by Japan (X tons), with a 9.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +18.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+25.8% per year) and Japan (+21.1% per year).

In value terms, Japan ($X), China ($X) and Australia ($X) appeared to be the largest root and tuber suppliers to Hong Kong SAR, together comprising 62% of total imports. Vietnam, the United States, Indonesia, Germany and Egypt lagged somewhat behind, together comprising a further 25%.

In terms of the main suppliers, Indonesia, with a CAGR of +96.6%, saw 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 root and tuber import price stood at $X per ton in 2021, with an increase of 8.5% against the previous year. In general, import price indicated a prominent increase from 2012 to 2021: its price increased at an average annual rate of +6.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, root and tuber import price increased by +56.9% against 2018 indices. The pace of growth was the most pronounced in 2020 an increase of 35% against the previous year. Over the period under review, average import prices attained the peak figure in 2021 and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Japan ($X per ton), while the price for Egypt ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+10.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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