Hong Kong SAR, China: Silk Yarn Market 2023

Silk Yarn Market Size in Hong Kong SAR, China

In 2021, after five years of decline, there was significant growth in the Hong Kong silk yarn market, when its value increased by 48% to $X. In general, consumption, however, saw a deep reduction. Silk yarn consumption peaked at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Silk Yarn Production in Hong Kong SAR, China

In value terms, silk yarn production skyrocketed to $X in 2021 estimated in export price. Overall, production, however, saw a abrupt curtailment. The pace of growth was the most pronounced in 2017 with an increase of 428% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Silk Yarn Exports

Exports from Hong Kong SAR, China

In 2021, the amount of silk yarn and yarn spun from silk waste exported from Hong Kong SAR shrank to X tons, with a decrease of -13.5% compared with the previous year. Over the period under review, exports faced a deep reduction. The most prominent rate of growth was recorded in 2019 with an increase of 51%. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, silk yarn exports soared to $X in 2021. In general, exports faced a abrupt descent. The pace of growth was the most pronounced in 2019 when exports increased by 33% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for silk yarn exports from Hong Kong SAR, with a 93% share of total exports. Moreover, silk yarn exports to China exceeded the volume sent to the second major destination, the United States (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to China totaled -20.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+32.0% per year) and Peru (0.0% per year).

In value terms, China ($X) remains the key foreign market for silk yarn and yarn spun from silk waste exports from Hong Kong SAR, comprising 92% of total exports. The second position in the ranking was held by the United States ($X), with a 5.4% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to China amounted to -19.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+36.2% per year) and Peru (0.0% per year).

Export Prices by Country

The average silk yarn export price stood at $X per ton in 2021, picking up by 43% against the previous year. In general, export price indicated a mild expansion from 2012 to 2021: its price increased at an average annual rate of +1.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2015 an increase of 81% against the previous year. The export price peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to China ($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 the United States (+3.1%).

Silk Yarn Imports

Imports into Hong Kong SAR, China

In 2021, the amount of silk yarn and yarn spun from silk waste imported into Hong Kong SAR rose remarkably to X tons, growing by 14% on 2020 figures. Overall, imports, however, saw a abrupt descent. The pace of growth was the most pronounced in 2014 when imports increased by 93% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports remained at a lower figure.

In value terms, silk yarn imports soared to $X in 2021. In general, imports, however, saw a abrupt downturn. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest silk yarn supplier to Hong Kong SAR, accounting for a 82% share of total imports. Moreover, silk yarn imports from China exceeded the figures recorded by the second-largest supplier, Italy (X tons), sevenfold.

From 2012 to 2021, the average annual growth rate of volume from China totaled -19.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-6.6% per year) and Japan (-17.4% per year).

In value terms, China ($X) constituted the largest supplier of silk yarn and yarn spun from silk waste to Hong Kong SAR, comprising 61% of total imports. The second position in the ranking was held by Italy ($X), with a 27% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China amounted to -20.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-7.6% per year) and Japan (-19.0% per year).

Import Prices by Country

The average silk yarn import price stood at $X per ton in 2021, picking up by 3.9% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 an increase of 135%. The import price peaked at $X per ton in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+0.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Market Intelligence Platform

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