Hong Kong SAR, China: Steel Spring Market 2024

Steel Spring Market Size in Hong Kong SAR, China

The Hong Kong steel spring market dropped modestly to $X in 2022, falling by X% against the previous year. In general, consumption, however, posted a resilient expansion. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Steel Spring Production in Hong Kong SAR, China

In value terms, steel spring production contracted modestly to $X in 2022 estimated in export price. Over the period under review, production, however, posted a strong expansion. The pace of growth appeared the most rapid in 2018 with an increase of X%. As a result, production reached the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

Steel Spring Exports

Exports from Hong Kong SAR, China

After two years of growth, overseas shipments of steel springs and leaves for springs decreased by X% to X tons in 2022. Overall, exports recorded a pronounced slump. The most prominent rate of growth was recorded in 2021 with an increase of X%. As a result, the exports reached the peak of X tons, and then dropped markedly in the following year.

In value terms, steel spring exports fell markedly to $X in 2022. In general, total exports indicated a notable increase 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. The pace of growth appeared the most rapid in 2020 when exports increased by X%. The exports peaked at $X in 2021, and then fell notably in the following year.

Exports by Country

China (X tons) was the main destination for steel spring exports from Hong Kong SAR, accounting for a X% share of total exports. Moreover, steel spring exports to China exceeded the volume sent to the second major destination, Vietnam (X tons), more than tenfold. The third position in this ranking was held by Japan (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (X% per year) and Japan (X% per year).

In value terms, China ($X) remains the key foreign market for steel springs and leaves for springs exports from Hong Kong SAR, comprising X% of total exports. The second position in the ranking was taken by the United States ($X), with a X% share of total exports. It was followed by Vietnam, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Vietnam (X% per year).

Export Prices by Country

In 2022, the average steel spring export price amounted to $X per ton, growing by X% against the previous year. In general, export price indicated a prominent expansion from 2012 to 2022: its price 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, steel spring export price decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2013 an increase of X% against the previous year. The export price peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Australia ($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 Malaysia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Steel Spring Imports

Imports into Hong Kong SAR, China

In 2022, purchases abroad of steel springs and leaves for springs decreased by X% to X tons for the first time since 2018, thus ending a three-year rising trend. In general, imports saw a perceptible curtailment. The pace of growth appeared the most rapid in 2014 when imports increased by X%. As a result, imports attained the peak of X tons. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, steel spring imports fell sharply to $X in 2022. Overall, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 with an increase of X% against the previous year. Imports peaked at $X in 2021, and then fell sharply in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of steel spring to Hong Kong SAR, with a X% share of total imports. Moreover, steel spring imports from China exceeded the figures recorded by the second-largest supplier, Singapore (X tons), twofold. The third position in this ranking was taken by South Korea (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (X% per year) and South Korea (X% per year).

In value terms, the largest steel spring suppliers to Hong Kong SAR were China ($X), Singapore ($X) and Japan ($X), with a combined X% share of total imports. The United States, Germany, South Korea, Malaysia and Belgium lagged somewhat behind, together comprising a further X%.

Belgium, with a CAGR of X%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average steel spring import 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 2015 an increase of X%. Over the period under review, average import prices hit record highs at $X per ton in 2018; however, from 2019 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 the United States ($X per ton), while the price for Belgium ($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

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