Singapore: Agricultural Appliance Market 2024

Agricultural Appliance Market Size in Singapore

The Singaporean agricultural appliance market skyrocketed to $X in 2021, rising by 55% against the previous year. Overall, consumption continues to indicate resilient growth. Agricultural appliance consumption peaked at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Agricultural Appliance Production in Singapore

In value terms, agricultural appliance production stood at $X in 2021 estimated in export price. In general, production saw strong growth. The growth pace was the most rapid in 2013 with an increase of 168% against the previous year. Agricultural appliance production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Agricultural Appliance Exports

Exports from Singapore

Agricultural appliance exports from Singapore rose notably to X units in 2021, surging by 8.9% on 2020 figures. In general, exports, however, saw a abrupt curtailment. The most prominent rate of growth was recorded in 2017 with an increase of 179%. The exports peaked at X units in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, agricultural appliance exports soared to $X in 2021. Over the period under review, exports, however, saw a abrupt decrease. The most prominent rate of growth was recorded in 2018 when exports increased by 76%. Over the period under review, the exports reached the maximum at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Saudi Arabia (X units) was the main destination for agricultural appliance exports from Singapore, with a 73% share of total exports. Moreover, agricultural appliance exports to Saudi Arabia exceeded the volume sent to the second major destination, Nigeria (X units), ninefold. Indonesia (X units) ranked third in terms of total exports with a 7.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Saudi Arabia stood at +56.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nigeria (-9.7% per year) and Indonesia (-25.1% per year).

In value terms, Malaysia ($X), the United States ($X) and Saudi Arabia ($X) appeared to be the largest markets for agricultural appliance exported from Singapore worldwide, with a combined 76% share of total exports.

Among the main countries of destination, the United States, with a CAGR of +44.1%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average agricultural appliance export price amounted to $X per unit, rising by 11% against the previous year. In general, the export price, however, showed a pronounced decrease. The most prominent rate of growth was recorded in 2019 when the average export price increased by 90%. The export price peaked at $X per unit in 2016; however, from 2017 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was the United States ($X per unit), while the average price for exports to Saudi Arabia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Nigeria (+19.1%), while the prices for the other major destinations experienced more modest paces of growth.

Agricultural Appliance Imports

Imports into Singapore

Agricultural appliance imports into Singapore surged to X units in 2021, increasing by 79% on the previous year's figure. Overall, imports showed a mild increase. The pace of growth was the most pronounced in 2016 when imports increased by 88%. Over the period under review, imports hit record highs at X units in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, agricultural appliance imports declined dramatically to $X in 2021. Over the period under review, imports, however, continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2016 with an increase of 53% against the previous year. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

China (X units), India (X units) and the United States (X units) were the main suppliers of agricultural appliance imports to Singapore, together comprising 57% of total imports. Thailand, Spain, Italy and Israel lagged somewhat behind, together accounting for a further 14%.

From 2012 to 2021, the biggest increases were recorded for Thailand (with a CAGR of +32.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest agricultural appliance suppliers to Singapore were China ($X), the United States ($X) and Spain ($X), together accounting for 41% of total imports. These countries were followed by India, Italy, Israel and Thailand, which together accounted for a further 20%.

Thailand, with a CAGR of -2.3%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2021, the average agricultural appliance import price amounted to $X per unit, with a decrease of -53.7% against the previous year. Overall, the import price showed a abrupt downturn. The growth pace was the most rapid in 2018 an increase of 72% against the previous year. As a result, import price attained the peak level of $X per unit. From 2019 to 2021, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Israel ($X per unit), while the price for India ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Israel (-3.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform