Price for Furniture; Wooden, Other than for Office, Kitchen or Bedroom Use in Hong Kong SAR - 2023
Contents:
- Price for Furniture; Wooden, Other than for Office, Kitchen or Bedroom Use in Hong Kong SAR (CIF) - 2023
- Price for Furniture; Wooden, Other than for Office, Kitchen or Bedroom Use in Hong Kong SAR (FOB) - 2022
- Imports of Furniture; Wooden, Other than for Office, Kitchen or Bedroom Use in Hong Kong SAR
- Exports of Furniture; Wooden, Other than for Office, Kitchen or Bedroom Use in Hong Kong SAR
Price for Furniture; Wooden, Other than for Office, Kitchen or Bedroom Use in Hong Kong SAR (CIF) - 2023
In November 2023, the average import price for furniture; wooden, other than for office, kitchen or bedroom use amounted to $34.0 per unit, picking up by 8% against the previous month. Over the period from November 2022 to November 2023, it increased at an average monthly rate of +1.4%. The pace of growth was the most pronounced in January 2023 when the average import price increased by 25% against the previous month. Over the period under review, average import prices reached the maximum at $35.9 per unit in August 2023; however, from September 2023 to November 2023, import prices remained at a lower figure.
As there is only one major supplying country, the average price level is determined by prices for China.
From November 2022 to November 2023, the rate of growth in terms of prices for China amounted to +2.0% per month.
Price for Furniture; Wooden, Other than for Office, Kitchen or Bedroom Use in Hong Kong SAR (FOB) - 2022
The average export price for furniture; wooden, other than for office, kitchen or bedroom use stood at $172 per unit in 2022, reducing by -4.9% against the previous year. In general, export price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, export price for furniture; wooden, other than for office, kitchen or bedroom use decreased by -13.8% against 2019 indices. The growth pace was the most rapid in 2014 when the average export price increased by 57%. Over the period under review, the average export prices hit record highs at $200 per unit in 2019; however, from 2020 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 the United States ($191 per unit), while the average price for exports to Switzerland ($70 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 Germany (+10.4%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of Furniture; Wooden, Other than for Office, Kitchen or Bedroom Use in Hong Kong SAR
After three years of growth, overseas purchases of furniture; wooden, other than for office, kitchen or bedroom use decreased by -16.5% to 9M units in 2022. In general, imports, however, saw a significant increase. The pace of growth was the most pronounced in 2021 when imports increased by 96%. As a result, imports attained the peak of 11M units, and then contracted dramatically in the following year.
In value terms, imports of furniture; wooden, other than for office, kitchen or bedroom use expanded notably to $239M in 2022. The total import value increased at an average annual rate of +1.4% over the period from 2019 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by 8.9%. Over the period under review, imports of reached the maximum in 2022 and are expected to retain growth in the immediate term.
| Import of Furniture; Wooden, Other than for Office, Kitchen or Bedroom Use in Hong Kong SAR (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 189 | 174 | 182 | 207 | 3.1% |
| Others | 40.7 | 29.7 | 40.2 | 32.8 | -6.9% |
| Total | 230 | 204 | 222 | 239 | 1.3% |
Top Suppliers of Furniture; Wooden, Other than for Office, Kitchen or Bedroom Use to Hong Kong SAR in 2022:
- China (8.9M units)
Exports of Furniture; Wooden, Other than for Office, Kitchen or Bedroom Use in Hong Kong SAR
Exports of furniture; wooden, other than for office, kitchen or bedroom use from Hong Kong SAR contracted slightly to 155K units in 2022, with a decrease of -3.5% on the previous year. Overall, exports recorded a abrupt curtailment. The smallest decline of -1.8% was in 2021. Over the period under review, the exports of reached the peak figure at 218K units in 2019; however, from 2020 to 2022, the exports failed to regain momentum.
In value terms, exports of furniture; wooden, other than for office, kitchen or bedroom use contracted to $27M in 2022. In general, exports recorded a deep slump. The smallest decline of -0.1% was in 2021. Over the period under review, the exports of hit record highs at $44M in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.
| Export of Furniture; Wooden, Other than for Office, Kitchen or Bedroom Use in Hong Kong SAR (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United States | 13.1 | 10.8 | 10.0 | 7.8 | -15.9% |
| Japan | 7.7 | 5.0 | 5.2 | 5.0 | -13.4% |
| Australia | 2.7 | 1.2 | 1.5 | 3.2 | 5.8% |
| China | 5.1 | 3.4 | 2.3 | 2.4 | -22.2% |
| Macao SAR | 1.4 | 1.7 | 1.9 | 1.6 | 4.6% |
| United Arab Emirates | 1.2 | 1.3 | 0.5 | 0.6 | -20.6% |
| Singapore | 2.1 | 0.3 | 1.0 | 0.3 | -47.7% |
| Philippines | 0.4 | 0.4 | 0.2 | 0.2 | -20.6% |
| Italy | 0.8 | 0.2 | 0.4 | N/A | -29.3% |
| Others | 9.3 | 5.0 | 6.1 | 5.5 | -16.1% |
| Total | 43.6 | 29.1 | 29.1 | 26.7 | -15.1% |
Top Export Markets for Furniture; Wooden, Other than for Office, Kitchen or Bedroom Use from Hong Kong SAR in 2022:
- United States (41.1K units)
- Japan (36.5K units)
- Australia (20.2K units)
- China (17.9K units)
- Macao SAR (16.3K units)
- United Arab Emirates (5.9K units)
- Philippines (2.8K units)
- Singapore (0.5K units)
- Italy (0.3K units)
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