Plugs and Socket Price in Hong Kong SAR - 2023
Contents:
- Plugs and Socket Price in Hong Kong SAR (FOB) - 2023
- Plugs and Socket Price in Hong Kong SAR (CIF) - 2023
- Plugs and Socket Exports in Hong Kong SAR
- Plugs and Socket Imports in Hong Kong SAR
Plugs and Socket Price in Hong Kong SAR (FOB) - 2023
In August 2023, the average plugs and socket export price amounted to $768 per thousand units, surging by 7.1% against the previous month. In general, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in February 2023 when the average export price increased by 18% month-to-month. As a result, the export price reached the peak level of $1.0 per unit. From March 2023 to August 2023, the the average export prices remained at a somewhat lower figure.
There were significant differences in the average prices for the major export markets. In August 2023, the country with the highest price was Taiwan (Chinese) ($2.2 per unit), while the average price for exports to the UK ($185 per thousand units) was amongst the lowest.
From December 2022 to August 2023, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+13.1%), while the prices for the other major destinations experienced more modest paces of growth.
Plugs and Socket Price in Hong Kong SAR (CIF) - 2023
In August 2023, the average plugs and socket import price amounted to $508 per thousand units, with an increase of 11% against the previous month. Overall, import price indicated a tangible expansion from December 2022 to August 2023: its price increased at an average monthly rate of +2.4% over the last eight months. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on August 2023 figures, plugs and socket import price decreased by -9.0% against June 2023 indices. The most prominent rate of growth was recorded in February 2023 an increase of 51% against the previous month. As a result, import price reached the peak level of $0.9 per unit. From March 2023 to August 2023, the average import prices remained at a somewhat lower figure.
Prices varied noticeably by the country of origin: the country with the highest price was Singapore ($1.3 per unit), while the price for China ($364 per thousand units) was amongst the lowest.
From December 2022 to August 2023, the most notable rate of growth in terms of prices was attained by China (+3.9%), while the prices for the other major suppliers experienced more modest paces of growth.
Plugs and Socket Exports in Hong Kong SAR
Plugs and socket exports from Hong Kong SAR dropped significantly to 1.1B units in 2022, reducing by -44% compared with the previous year. Over the period under review, exports continue to indicate a deep contraction. The most prominent rate of growth was recorded in 2021 when exports increased by 37% against the previous year. As a result, the exports attained the peak of 1.9B units, and then declined dramatically in the following year.
In value terms, plugs and socket exports declined notably to $618M in 2022. In general, exports showed a perceptible downturn. The pace of growth appeared the most rapid in 2021 with an increase of 24% against the previous year. As a result, the exports attained the peak of $761M, and then fell dramatically in the following year.
| Export of Plugs and Socket in Hong Kong SAR (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 497 | 439 | 475 | 412 | -6.1% |
| United States | 51.5 | 27.9 | 58.5 | 32.8 | -14.0% |
| Taiwan (Chinese) | 9.8 | 8.4 | 27.5 | 22.3 | 31.5% |
| India | 11.8 | 17.9 | 25.6 | 20.7 | 20.6% |
| Japan | 10.3 | 16.1 | 15.9 | 16.5 | 17.0% |
| Singapore | 10.1 | 7.7 | 13.0 | 12.4 | 7.1% |
| Germany | 38.0 | 14.0 | 12.7 | 10.3 | -35.3% |
| Malaysia | 6.1 | 11.0 | 17.3 | 9.7 | 16.7% |
| Netherlands | 7.9 | 9.5 | 10.2 | 7.8 | -0.4% |
| United Kingdom | 17.9 | 9.2 | 18.4 | 6.7 | -27.9% |
| Canada | 2.7 | 3.6 | 9.2 | 4.5 | 18.6% |
| Mexico | 5.9 | 3.3 | 6.1 | 4.0 | -12.2% |
| Australia | 4.2 | 5.1 | 11.6 | 1.8 | -24.6% |
| Others | 44.2 | 41.4 | 60.5 | 56.6 | 8.6% |
| Total | 718 | 614 | 761 | 618 | -4.9% |
Top Export Markets for Plugs and Socket from Hong Kong SAR in 2022:
- China (554.1M units)
- United States (204.6M units)
- United Kingdom (29.3M units)
- Japan (26.3M units)
- Netherlands (26.1M units)
- Taiwan (Chinese) (23.0M units)
- Singapore (21.5M units)
- India (20.3M units)
- Germany (20.1M units)
- Canada (16.8M units)
- Mexico (16.6M units)
- Malaysia (14.7M units)
- Australia (4.7M units)
Plugs and Socket Imports in Hong Kong SAR
After three years of growth, overseas purchases of electrical plugs and sockets for under 1000 v decreased by -59.9% to 776M units in 2022. Overall, imports recorded a deep reduction. The pace of growth appeared the most rapid in 2021 when imports increased by 23%. As a result, imports reached the peak of 1.9B units, and then reduced markedly in the following year.
In value terms, plugs and socket imports contracted significantly to $314M in 2022. In general, imports recorded a deep setback. The growth pace was the most rapid in 2020 with an increase of 10%. Over the period under review, imports attained the peak figure at $452M in 2021, and then shrank rapidly in the following year.
| Import of Plugs and Socket in Hong Kong SAR (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 257 | 273 | 303 | 152 | -16.1% |
| United States | 29.5 | 30.9 | 32.6 | 27.1 | -2.8% |
| Germany | 9.1 | 10.8 | 26.0 | 24.0 | 38.2% |
| Japan | 13.2 | 24.3 | 17.9 | 22.4 | 19.3% |
| Taiwan (Chinese) | 15.6 | 20.3 | 15.1 | 20.9 | 10.2% |
| South Korea | 12.0 | 12.1 | 11.7 | 14.8 | 7.2% |
| Philippines | 3.6 | 4.5 | 3.3 | 2.5 | -11.4% |
| Others | 37.0 | 38.1 | 42.1 | 50.6 | 11.0% |
| Total | 377 | 414 | 452 | 314 | -5.9% |
Top Suppliers of Plugs and Socket to Hong Kong SAR in 2022:
- China (592.2M units)
- Germany (31.8M units)
- United States (31.5M units)
- Taiwan (Chinese) (22.0M units)
- Japan (20.7M units)
- South Korea (17.6M units)
- Philippines (12.6M units)
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