Hong Kong SAR, China: Suspension System Market 2024

Suspension System Market Size in Hong Kong SAR, China

The Hong Kong suspension system market declined significantly to $X in 2022, with a decrease of X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption continues to indicate a noticeable downturn. Suspension system consumption peaked at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Suspension System Exports

Exports from Hong Kong SAR, China

In 2022, exports of suspension systems from Hong Kong SAR dropped significantly to X tons, falling by X% on the previous year's figure. Over the period under review, total exports indicated modest growth from 2012 to 2022: its volume 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 2013 when exports increased by X% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, suspension system exports surged to $X in 2022. Overall, total exports indicated a buoyant 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, exports increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

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

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

In value terms, China ($X) remains the key foreign market for suspension systems exports from Hong Kong SAR, comprising X% of total exports. The second position in the ranking was held by Singapore ($X), with a X% share of total exports. It was followed by Taiwan (Chinese), with a X% share.

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

Export Prices by Country

In 2022, the average suspension system export price amounted to $X per ton, rising by X% against the previous year. Over the period under review, the export price recorded a strong increase. The export price peaked at $X per ton in 2016; however, from 2017 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 Taiwan (Chinese) ($X per ton), while the average price for exports to Kazakhstan ($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 Kazakhstan (X%), while the prices for the other major destinations experienced more modest paces of growth.

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Suspension System Imports

Imports into Hong Kong SAR, China

In 2022, suspension system imports into Hong Kong SAR shrank significantly to X tons, with a decrease of X% against the previous year. In general, imports recorded a mild shrinkage. The pace of growth appeared the most rapid in 2015 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, suspension system imports fell significantly to $X in 2022. Over the period under review, imports saw a mild shrinkage. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Over the period under review, imports attained the peak figure at $X in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Japan (X tons) constituted the largest supplier of suspension system to Hong Kong SAR, accounting for a X% share of total imports. Moreover, suspension system imports from Japan exceeded the figures recorded by the second-largest supplier, Germany (X tons), twofold. The third position in this ranking was held by China (X tons), with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Japan was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (X% per year) and China (X% per year).

In value terms, the largest suspension system suppliers to Hong Kong SAR were Germany ($X), Japan ($X) and Singapore ($X), together comprising X% of total imports. Malaysia, the UK, the United Arab Emirates, Turkey, the United States, Romania, the Netherlands, Estonia, China and Thailand lagged somewhat behind, together accounting for a further X%.

Among the main suppliers, Turkey, with a CAGR of X%, 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 suspension system import price stood at $X per ton in 2022, therefore, remained relatively stable against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2016 an increase of X%. As a result, import price reached the peak level of $X per ton. From 2017 to 2022, the average 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 Romania ($X per ton), while the price for China ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform