Singapore: Silversmiths Ware Market 2022

Silversmiths Ware Exports

Exports from Singapore

After three years of growth, shipments abroad of articles of goldsmiths’ or silversmiths’ wares of silver decreased by -X% to X kg in 2021. Over the period under review, exports showed a precipitous decline. The pace of growth was the most pronounced in 2016 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, silversmiths ware exports rose remarkably to $X in 2021. In general, exports continue to indicate a sharp decrease. The growth pace was the most rapid in 2016 when exports increased by X% y-o-y. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Bhutan (X kg) was the main destination for silversmiths ware exports from Singapore, with a X% share of total exports. Moreover, silversmiths ware exports to Bhutan exceeded the volume sent to the second major destination, the United States (X kg), threefold. The third position in this ranking was occupied by Indonesia (X kg), with an X% share.

From 2012 to 2021, the average annual growth rate of volume to Bhutan totaled +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-X% per year) and Indonesia (-X% per year).

In value terms, Bhutan ($X) remains the key foreign market for silversmiths ware exports from Singapore, comprising X% of total exports. The second position in the ranking was occupied by the United States ($X), with a X% share of total exports. It was followed by Japan, with a X% share.

From 2012 to 2021, the average annual growth rate of value to Bhutan totaled +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-X% per year) and Japan (+X% per year).

Export Prices by Country

In 2021, the average silversmiths ware export price amounted to $X per ton, rising by X% against the previous year. Overall, the export price, however, continues to indicate a mild decrease. The pace of growth was the most pronounced in 2013 when the average export price increased by X% against the previous year. The export price peaked at $X per ton in 2017; however, from 2018 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Japan ($X per ton), while the average price for exports to Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+X%), while the prices for the other major destinations experienced a decline.

Silversmiths Ware Imports

Imports into Singapore

In 2021, the amount of articles of goldsmiths’ or silversmiths’ wares of silver imported into Singapore skyrocketed to X tons, increasing by X% on the previous year. Over the period under review, imports, however, recorded a deep slump. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, silversmiths ware imports surged to $X in 2021. In general, imports, however, saw a abrupt curtailment. Imports peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, India (X kg) constituted the largest supplier of silversmiths ware to Singapore, accounting for a X% share of total imports. Moreover, silversmiths ware imports from India exceeded the figures recorded by the second-largest supplier, China (X kg), threefold. Italy (X kg) ranked third in terms of total imports with a X% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from India amounted to +X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-X% per year) and Italy (+X% per year).

In value terms, India ($X) constituted the largest supplier of silversmiths ware to Singapore, comprising X% of total imports. The second position in the ranking was occupied by China ($X), with an X% share of total imports. It was followed by Italy, with a X% share.

From 2012 to 2021, the average annual rate of growth in terms of value from India stood at +X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+X% per year) and Italy (+X% per year).

Import Prices by Country

In 2021, the average silversmiths ware import price amounted to $X per ton, picking up by X% against the previous year. Over the period under review, import price indicated tangible growth from 2012 to 2021: its price increased at an average annual rate of +X% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, silversmiths ware import price decreased by -X% against 2019 indices. The pace of growth appeared the most rapid in 2013 when the average import price increased by X% year-to-year. Over the period under review, average import prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2021, the highest prices were recorded for prices from Denmark ($X per ton) and China ($X per ton), while the price for India ($X per ton) and the United States ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

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