Singapore: Accordion Market 2024

Accordion Market Size in Singapore

The Singaporean accordion market expanded sharply to $X in 2021, increasing by 6.2% 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, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2017 to 2021, the growth of the market remained at a lower figure.

Accordion Exports

Exports from Singapore

After two years of decline, overseas shipments of accordions and mouth organs increased by 171% to X units in 2021. Over the period under review, exports enjoyed a prominent expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, accordion exports skyrocketed to $X in 2021. In general, exports posted buoyant growth. Over the period under review, the exports reached the maximum at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Hong Kong SAR (X units) was the main destination for accordion exports from Singapore, with a 60% share of total exports. Moreover, accordion exports to Hong Kong SAR exceeded the volume sent to the second major destination, Macao SAR (X units), fourfold. The third position in this ranking was taken by China (X units), with an 11% share.

From 2012 to 2021, the average annual growth rate of volume to Hong Kong SAR stood at +38.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Macao SAR (+136.4% per year) and China (+31.1% per year).

In value terms, Hong Kong SAR ($X) remains the key foreign market for accordions and mouth organs exports from Singapore, comprising 59% of total exports. The second position in the ranking was taken by Macao SAR ($X), with a 15% share of total exports. It was followed by China, with an 11% share.

From 2012 to 2021, the average annual growth rate of value to Hong Kong SAR amounted to +39.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Macao SAR (+121.7% per year) and China (+22.1% per year).

Export Prices by Country

The average accordion export price stood at $X per unit in 2021, with a decrease of -18% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 57% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2015 to 2021, the average export prices remained at a lower figure.

Average prices varied noticeably for the major export markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Indonesia ($X per unit) and Macao SAR ($X per unit), while the average price for exports to Hong Kong SAR ($X per unit) and China ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+1.0%), while the prices for the other major destinations experienced mixed trend patterns.

Accordion Imports

Imports into Singapore

In 2021, the amount of accordions and mouth organs imported into Singapore soared to X units, rising by 34% against 2020 figures. Over the period under review, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when imports increased by 48% against the previous year. As a result, imports reached the peak of X units. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, accordion imports skyrocketed to $X in 2021. In general, total imports indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +6.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2016 when imports increased by 56%. As a result, imports reached the peak of $X. From 2017 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Japan (X units), France (X units) and Germany (X units) were the main suppliers of accordion imports to Singapore, with a combined 90% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Germany (with a CAGR of +12.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest accordion suppliers to Singapore were Japan ($X), France ($X) and Germany ($X), together comprising 90% of total imports.

In terms of the main suppliers, Germany, with a CAGR of +18.8%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average accordion import price stood at $X per unit in 2021, surging by 10% against the previous year. Over the period under review, import price indicated strong growth from 2012 to 2021: its price increased at an average annual rate of +5.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, accordion import price increased by +65.3% against 2012 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from Indonesia ($X per unit) and Taiwan (Chinese) ($X per unit), while the price for Israel ($X per unit) and France ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Israel (+12.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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