Singapore: Base Metal Padlock Market 2024

Base Metal Padlock Market Size in Singapore

The Singaporean base metal padlock market declined sharply to $X in 2022, which is down by -59.8% against the previous year. Overall, consumption recorded a deep contraction. As a result, consumption reached the peak level of $X, and then dropped sharply in the following year.

Base Metal Padlock Production in Singapore

In value terms, base metal padlock production skyrocketed to $X in 2022 estimated in export price. In general, production, however, saw a deep reduction. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Base Metal Padlock Exports

Exports from Singapore

In 2022, shipments abroad of base metal padlocks decreased by -0.1% to X tons, falling for the second year in a row after two years of growth. Overall, exports recorded a deep slump. The most prominent rate of growth was recorded in 2020 with an increase of 52% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, base metal padlock exports fell dramatically to $X in 2022. Over the period under review, exports continue to indicate a drastic downturn. The pace of growth was the most pronounced in 2021 when exports increased by 29%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Indonesia (X tons) was the main destination for base metal padlock exports from Singapore, accounting for a 61% share of total exports. Moreover, base metal padlock exports to Indonesia exceeded the volume sent to the second major destination, China (X tons), eightfold. The third position in this ranking was held by Malaysia (X tons), with a 6.5% share.

From 2012 to 2022, the average annual growth rate of volume to Indonesia totaled +1.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-4.8% per year) and Malaysia (-22.3% per year).

In value terms, Indonesia ($X) remains the key foreign market for base metal padlocks exports from Singapore, comprising 61% of total exports. The second position in the ranking was held by China ($X), with a 7.8% share of total exports. It was followed by Malaysia, with a 6.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Indonesia amounted to +4.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-2.4% per year) and Malaysia (-20.3% per year).

Export Prices by Country

In 2022, the average base metal padlock export price amounted to $X per ton, waning by -20.1% against the previous year. In general, export price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, base metal padlock export price increased by +7.1% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the average export price increased by 34%. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Australia ($X per ton) and India ($X per ton), while the average price for exports to Japan ($X per ton) and Bangladesh ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+2.6%), while the prices for the other major destinations experienced more modest paces of growth.

Base Metal Padlock Imports

Imports into Singapore

In 2022, the amount of base metal padlocks imported into Singapore contracted significantly to X tons, reducing by -61.6% compared with 2021. Over the period under review, imports saw a deep contraction. The most prominent rate of growth was recorded in 2021 with an increase of 161%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, base metal padlock imports shrank dramatically to $X in 2022. In general, imports recorded a abrupt downturn. The pace of growth appeared the most rapid in 2021 when imports increased by 179% against the previous year. As a result, imports reached the peak of $X, and then contracted markedly in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest base metal padlock supplier to Singapore, with a 40% share of total imports. Moreover, base metal padlock imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), threefold. Taiwan (Chinese) (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at -12.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-2.5% per year) and Taiwan (Chinese) (-11.7% per year).

In value terms, China ($X) constituted the largest supplier of base metal padlocks to Singapore, comprising 40% of total imports. The second position in the ranking was held by the United States ($X), with a 12% share of total imports. It was followed by Taiwan (Chinese), with a 12% share.

From 2012 to 2022, the average annual growth rate of value from China stood at -8.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+2.0% per year) and Taiwan (Chinese) (-7.7% per year).

Import Prices by Country

In 2022, the average base metal padlock import price amounted to $X per ton, jumping by 22% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.6%. The most prominent rate of growth was recorded in 2018 when the average import price increased by 28% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is likely to see steady growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Italy ($X per ton) and Mexico ($X per ton), while the price for South Korea ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+4.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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