Singapore: Binocular Market 2024

Binocular Market Size in Singapore

The Singaporean binocular market plummeted to $X in 2021, shrinking by -16.3% against the previous year. Overall, consumption, however, saw a remarkable increase. Over the period under review, the market reached the peak level at $X in 2020, and then declined dramatically in the following year.

Binocular Production in Singapore

In value terms, binocular production shrank modestly to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of 122%. As a result, production reached the peak level of $X. From 2015 to 2021, production growth remained at a lower figure.

Binocular Exports

Exports from Singapore

In 2021, overseas shipments of binoculars were finally on the rise to reach X units for the first time since 2015, thus ending a five-year declining trend. In general, exports, however, continue to indicate a significant decline. Over the period under review, the exports attained the peak figure at X units in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, binocular exports soared to $X in 2021. Overall, exports, however, recorded a perceptible reduction. The most prominent rate of growth was recorded in 2016 when exports increased by 180% against the previous year. As a result, the exports attained the peak of $X. From 2017 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Thailand (X units) was the main destination for binocular exports from Singapore, with a 77% share of total exports. Moreover, binocular exports to Thailand exceeded the volume sent to the second major destination, Indonesia (X units), sevenfold. India (X units) ranked third in terms of total exports with a 5.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Thailand amounted to +56.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-5.7% per year) and India (+3.0% per year).

In value terms, Indonesia ($X) remains the key foreign market for binoculars exports from Singapore, comprising 69% of total exports. The second position in the ranking was taken by Thailand ($X), with a 20% share of total exports. It was followed by Brunei Darussalam, with a 4.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Indonesia totaled +25.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+48.6% per year) and Brunei Darussalam (+65.6% per year).

Export Prices by Country

In 2021, the average binocular export price amounted to $X per unit, reducing by -34% against the previous year. Overall, the export price, however, showed significant growth. The pace of growth appeared the most rapid in 2020 when the average export price increased by 790% against the previous year. As a result, the export price reached the peak level of $X per unit, and then reduced dramatically in the following year.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Indonesia ($X per unit), while the average price for exports to India ($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 Indonesia (+33.0%), while the prices for the other major destinations experienced more modest paces of growth.

Binocular Imports

Imports into Singapore

For the third consecutive year, Singapore recorded decline in supplies from abroad of binoculars, which decreased by -13.4% to X units in 2021. Overall, imports saw a precipitous decrease. The pace of growth was the most pronounced in 2015 when imports increased by 59% against the previous year. Over the period under review, imports hit record highs at X units in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, binocular imports rose rapidly to $X in 2021. In general, imports saw a deep slump. The most prominent rate of growth was recorded in 2019 with an increase of 52%. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest binocular supplier to Singapore, accounting for a 58% share of total imports. Moreover, binocular imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), fourfold. Thailand (X units) ranked third in terms of total imports with a 14% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to -27.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-9.8% per year) and Thailand (+74.6% per year).

In value terms, China ($X), Japan ($X) and the United States ($X) appeared to be the largest binocular suppliers to Singapore, with a combined 33% share of total imports. Germany, Thailand and Hong Kong SAR lagged somewhat behind, together comprising a further 9.8%.

In terms of the main suppliers, Thailand, with a CAGR of +29.6%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2021, the average binocular import price amounted to $X per unit, growing by 26% against the previous year. In general, the import price enjoyed a prominent increase. The most prominent rate of growth was recorded in 2019 an increase of 116%. As a result, import price attained the peak level of $X per unit. From 2020 to 2021, the average import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+4.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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