Singapore: Tools For Bearing Market 2024

Tools For Bearing Market Size in Singapore

The Singaporean tools for bearing market was finally on the rise to reach $X in 2022, after three years of decline. Overall, consumption, however, showed a perceptible shrinkage. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Tools For Bearing Production in Singapore

In value terms, tools for bearing production soared to $X in 2022 estimated in export price. Over the period under review, production, however, showed a perceptible reduction. The pace of growth was the most pronounced in 2020 with an increase of 246% against the previous year. Over the period under review, production reached the peak level at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Tools For Bearing Exports

Exports from Singapore

In 2022, after two years of growth, there was significant decline in shipments abroad of balls, needles and rollers for ball or roller bearings, when their volume decreased by -23.1% to X tons. Overall, exports recorded a perceptible setback. The most prominent rate of growth was recorded in 2015 when exports increased by 29% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, tools for bearing exports shrank significantly to $X in 2022. Over the period under review, exports recorded a deep contraction. The pace of growth appeared the most rapid in 2018 with an increase of 16% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Taiwan (Chinese) (X tons), Malaysia (X tons) and Indonesia (X tons) were the main destinations of tools for bearing exports from Singapore, together accounting for 77% of total exports. Vietnam, China, Thailand, India, Australia, the UK and South Africa lagged somewhat behind, together comprising a further 18%.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +32.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for tools for bearing exported from Singapore were Taiwan (Chinese) ($X), Malaysia ($X) and Indonesia ($X), together accounting for 75% of total exports. Vietnam, China, Thailand, India, Australia, the UK and South Africa lagged somewhat behind, together comprising a further 18%.

China, with a CAGR of +27.9%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average tools for bearing export price amounted to $X per ton, picking up by 1.9% against the previous year. In general, the export price, however, continues to indicate a perceptible downturn. The pace of growth appeared the most rapid in 2018 when the average export price increased by 9.8%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Africa ($X per ton), while the average price for exports to the UK ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Africa (+2.5%), while the prices for the other major destinations experienced a decline.

Tools For Bearing Imports

Imports into Singapore

Tools for bearing imports into Singapore fell to X tons in 2022, dropping by -6.6% compared with the year before. In general, imports recorded a noticeable decrease. The pace of growth was the most pronounced in 2017 with an increase of 35% against the previous year. Over the period under review, imports reached the maximum at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, tools for bearing imports shrank slightly to $X in 2022. Overall, imports saw a abrupt descent. The most prominent rate of growth was recorded in 2017 with an increase of 29%. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Thailand (X tons) constituted the largest tools for bearing supplier to Singapore, with a 58% share of total imports. Moreover, tools for bearing imports from Thailand exceeded the figures recorded by the second-largest supplier, Japan (X tons), fivefold. The third position in this ranking was taken by the United States (X tons), with a 9.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Thailand totaled -1.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-3.7% per year) and the United States (+8.0% per year).

In value terms, Thailand ($X) constituted the largest supplier of balls, needles and rollers for ball or roller bearings to Singapore, comprising 56% of total imports. The second position in the ranking was held by Japan ($X), with an 11% share of total imports. It was followed by the United States, with a 9.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Thailand stood at -4.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-6.3% per year) and the United States (+5.1% per year).

Import Prices by Country

The average tools for bearing import price stood at $X per ton in 2022, growing by 2.3% against the previous year. Overall, the import price, however, showed a pronounced descent. The most prominent rate of growth was recorded in 2019 when the average import price increased by 8.2%. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+3.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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