Paper Articles Imports in Hong Kong Soar to $24 Million in 2023
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In 2023, overseas purchases of boxes, pouches, wallets and writing compendiums of paper were finally on the rise to reach 4.2K tons after two years of decline.
Overall, imports, however, showed an abrupt decline. The most prominent rate of growth was recorded in 2020 with an increase of 247% against the previous year. Imports peaked at 15K tons in 2014; however, from 2015 to 2023, imports remained at a lower figure. In value terms, paper articles imports surged to $24M (IndexBox estimates) in 2023.
Over the period under review, imports, however, recorded a slight shrinkage. The most prominent rate of growth was recorded in 2020 when imports increased by 92%. Over the period under review, imports hit record highs at $35M in 2014; however, from 2015 to 2023, imports stood at a somewhat lower figure.
Imports by Country
In 2023, China (4.1K tons) was the main supplier of paper articles to Hong Kong, accounting for a 98% share of total imports. It was followed by Macao (74 tons), with a 1.8% share of total imports. From 2013 to 2023, the average annual growth rate of volume from China stood at -12.0%. In value terms, China ($21M) constituted the largest supplier of boxes, pouches, wallets and writing compendiums of paper to Hong Kong, comprising 89% of total imports. The second position in the ranking was taken by Macao ($2.3M), with a 9.9% share of total imports. From 2013 to 2023, the average annual rate of growth in terms of value from China totaled -2.0%.
Import Prices by Country
In 2023, the paper articles price stood at $5,675 per ton (CIF, Hong Kong), surging by 31% against the previous year. In general, the import price enjoyed a resilient expansion. The growth pace was the most rapid in 2022 when the average import price increased by 147% against the previous year. Over the period under review, average import prices hit record highs in 2023 and is likely to see gradual growth in the near future. Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Macao ($31,574 per ton), while the price for China amounted to $5,179 per ton. From 2013 to 2023, the most notable rate of growth in terms of prices was attained by China (+11.4%).
