Hong Kong SAR, China: Wooden Kitchen Furniture Market 2024

Wooden Kitchen Furniture Market Size in Hong Kong SAR, China

The Hong Kong wooden kitchen furniture market fell significantly to $X in 2022, dropping by 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). In general, the total consumption indicated tangible growth 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, consumption increased by X% against 2020 indices. Over the period under review, the market attained the peak level at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Wooden Kitchen Furniture Exports

Exports from Hong Kong SAR, China

In 2022, approx. X units of wooden furniture for kitchens were exported from Hong Kong SAR; shrinking by X% against the year before. Over the period under review, exports showed a dramatic shrinkage. The most prominent rate of growth was recorded in 2013 with an increase of X%. Over the period under review, the exports hit record highs at X units in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, wooden kitchen furniture exports reduced dramatically to $X in 2022. Overall, exports faced a deep contraction. The pace of growth appeared the most rapid in 2014 with an increase of X%. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

China (X units), the United States (X units) and Macao SAR (X units) were the main destinations of wooden kitchen furniture exports from Hong Kong SAR, together comprising X% of total exports. The Philippines, Singapore and Maldives lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Singapore (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

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

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

Export Prices by Country

In 2022, the average wooden kitchen furniture export price amounted to $X per unit, with a decrease of X% against the previous year. Over the period under review, the export price, however, recorded buoyant growth. The pace of growth appeared the most rapid in 2014 when the average export price increased by X%. The export price peaked at $X per unit in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to Maldives ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (X%), while the prices for the other major destinations experienced more modest paces of growth.

Wooden Kitchen Furniture Imports

Imports into Hong Kong SAR, China

In 2022, wooden kitchen furniture imports into Hong Kong SAR dropped markedly to X units, with a decrease of X% on the previous year's figure. Over the period under review, imports, however, saw perceptible growth. The pace of growth appeared the most rapid in 2021 when imports increased by X%. Over the period under review, imports hit record highs at X units in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, wooden kitchen furniture imports contracted significantly to $X in 2022. In general, total imports indicated a mild 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 2013 when imports increased by X%. Over the period under review, imports reached the maximum at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of wooden kitchen furniture to Hong Kong SAR, with a X% share of total imports. Moreover, wooden kitchen furniture imports from China exceeded the figures recorded by the second-largest supplier, Germany (X units), threefold. The third position in this ranking was held by Italy (X units), with a X% share.

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

In value terms, the largest wooden kitchen furniture suppliers to Hong Kong SAR were China ($X), Italy ($X) and Germany ($X), with a combined X% share of total imports. Japan lagged somewhat behind, accounting for a further X%.

Japan, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among 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 wooden kitchen furniture import price amounted to $X per unit, which is down by X% against the previous year. Overall, the import price recorded a slight reduction. The pace of growth was the most pronounced in 2014 an increase of X% against the previous year. As a result, import price reached the peak level of $X per unit. From 2015 to 2022, the average import prices remained at a somewhat 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 Italy ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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