Price for Electric Motors; of an Output Not Exceeding 37.5W in Hong Kong SAR - 2023
Contents:
- Price for Electric Motors; of an Output Not Exceeding 37.5W in Hong Kong SAR (CIF) - 2023
- Price for Electric Motors; of an Output Not Exceeding 37.5W in Hong Kong SAR (FOB) - 2023
- Imports of Electric Motors; of an Output Not Exceeding 37.5W in Hong Kong SAR
- Exports of Electric Motors; of an Output Not Exceeding 37.5W in Hong Kong SAR
Price for Electric Motors; of an Output Not Exceeding 37.5W in Hong Kong SAR (CIF) - 2023
In November 2023, the average import price for electric motors amounted to $1.2 per unit, rising by 2.4% against the previous month. In general, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in September 2023 when the average import price increased by 195% against the previous month. Over the period under review, average import prices attained the maximum at $1.3 per unit in February 2023; however, from March 2023 to November 2023, import prices failed to regain momentum.
There were significant differences in the average prices amongst the major supplying countries. In November 2023, the country with the highest price was Thailand ($3.5 per unit), while the price for Vietnam ($734 per thousand units) was amongst the lowest.
From November 2022 to November 2023, the most notable rate of growth in terms of prices was attained by Vietnam (+2.2%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for Electric Motors; of an Output Not Exceeding 37.5W in Hong Kong SAR (FOB) - 2023
In November 2023, the average export price for electric motors amounted to $1.9 per unit, increasing by 12% against the previous month. Over the last twelve-month period, it increased at an average monthly rate of +1.1%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.
Prices varied noticeably by the country of destination: the country with the highest price was Mexico ($2.9 per unit), while the average price for exports to Turkey ($746 per thousand units) was amongst the lowest.
From November 2022 to November 2023, the most notable rate of growth in terms of prices was recorded for supplies to China (+3.4%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of Electric Motors; of an Output Not Exceeding 37.5W in Hong Kong SAR
In 2022, imports of electric motors into Hong Kong SAR declined markedly to 438M units, waning by -43% against 2021. In general, imports saw a precipitous decline. The pace of growth was the most pronounced in 2021 with an increase of 6.2%. Imports peaked at 865M units in 2019; however, from 2020 to 2022, imports failed to regain momentum.
In value terms, imports of electric motors fell sharply to $548M in 2022. Overall, imports continue to indicate a abrupt decrease. The growth pace was the most rapid in 2021 with an increase of 16%. As a result, imports reached the peak of $902M, and then contracted significantly in the following year.
| Import of Electric Motors; of an Output Not Exceeding 37.5W in Hong Kong SAR (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 601 | 542 | 721 | 402 | -12.5% |
| Vietnam | 72.0 | 44.1 | 40.8 | 38.1 | -19.1% |
| Thailand | 48.6 | 39.0 | 45.6 | 28.2 | -16.6% |
| Philippines | 16.6 | 98.9 | 35.3 | 23.1 | 11.6% |
| Taiwan (Chinese) | 23.6 | 18.4 | 19.2 | 19.5 | -6.2% |
| Cambodia | 18.8 | 13.7 | 14.3 | 16.2 | -4.8% |
| Others | 26.4 | 23.1 | 26.0 | 20.7 | -7.8% |
| Total | 807 | 780 | 902 | 548 | -12.1% |
Top Suppliers of Electric Motors; of an Output Not Exceeding 37.5W to Hong Kong SAR in 2022:
- China (301.1M units)
- Vietnam (78.4M units)
- Cambodia (19.4M units)
- Taiwan (Chinese) (14.5M units)
- Thailand (11.4M units)
- Philippines (6.5M units)
Exports of Electric Motors; of an Output Not Exceeding 37.5W in Hong Kong SAR
Exports of electric motors from Hong Kong SAR dropped remarkably to 302M units in 2022, falling by -45.5% against the previous year. Over the period under review, exports continue to indicate a precipitous decrease. The pace of growth was the most pronounced in 2021 with an increase of 16%. The exports peaked at 600M units in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.
In value terms, exports of electric motors declined dramatically to $472M in 2022. In general, exports recorded a abrupt curtailment. The pace of growth was the most pronounced in 2021 when exports increased by 30%. As a result, the exports attained the peak of $781M, and then plummeted in the following year.
| Export of Electric Motors; of an Output Not Exceeding 37.5W in Hong Kong SAR (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 246 | 204 | 202 | 132 | -18.7% |
| United States | 62.1 | 52.3 | 86.1 | 46.2 | -9.4% |
| Vietnam | 43.7 | 63.8 | 64.8 | 42.9 | -0.6% |
| Japan | 48.7 | 31.6 | 61.7 | 32.6 | -12.5% |
| Germany | 30.5 | 28.2 | 48.1 | 21.4 | -11.1% |
| India | 15.9 | 10.9 | 18.0 | 20.0 | 7.9% |
| Mexico | 12.1 | 6.5 | 19.2 | 18.6 | 15.4% |
| Malaysia | 36.5 | 44.3 | 51.8 | 15.6 | -24.7% |
| Thailand | 37.7 | 30.2 | 43.2 | 13.9 | -28.3% |
| South Korea | 16.2 | 23.5 | 25.8 | 12.9 | -7.3% |
| Taiwan (Chinese) | 14.5 | 14.4 | 19.7 | 10.8 | -9.4% |
| Indonesia | 5.7 | 5.5 | 11.1 | 8.9 | 16.0% |
| Philippines | 5.7 | 4.5 | 4.9 | 3.8 | -12.6% |
| Others | 82.7 | 78.9 | 125 | 92.1 | 3.7% |
| Total | 658 | 599 | 781 | 472 | -10.5% |
Top Export Markets for Electric Motors; of an Output Not Exceeding 37.5W from Hong Kong SAR in 2022:
- China (114.7M units)
- Vietnam (33.4M units)
- India (19.7M units)
- Thailand (14.3M units)
- United States (13.4M units)
- Japan (11.7M units)
- Germany (9.5M units)
- Malaysia (8.7M units)
- Mexico (8.2M units)
- Taiwan (Chinese) (6.1M units)
- Indonesia (6.1M units)
- South Korea (5.2M units)
- Philippines (5.0M units)
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