Singapore: Blanket Market 2024

Blanket Market Size in Singapore

In 2022, the Singaporean blanket market increased by 40% to $X, rising for the second year in a row after three years of decline. Overall, the total consumption indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +6.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +96.1% against 2020 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Blanket Production in Singapore

In value terms, blanket production reduced notably to $X in 2022 estimated in export price. Over the period under review, production saw a dramatic contraction. Over the period under review, production attained the peak level at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

Blanket Exports

Exports from Singapore

In 2022, approx. X tons of blankets and traveling rugs (except electric blankets) were exported from Singapore; waning by -43.1% against the previous year's figure. Overall, exports continue to indicate a abrupt contraction. The pace of growth was the most pronounced in 2016 with an increase of 125% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, blanket exports shrank notably to $X in 2022. Over the period under review, exports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 104% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

Saudi Arabia (X tons), Indonesia (X tons) and Oman (X tons) were the main destinations of blanket exports from Singapore, with a combined 57% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Oman (with a CAGR of +73.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), Indonesia ($X) and Saudi Arabia ($X) were the largest markets for blanket exported from Singapore worldwide, together accounting for 68% of total exports. Australia, Malaysia, Oman, Brunei Darussalam and the Philippines lagged somewhat behind, together accounting for a further 29%.

Australia, with a CAGR of +67.4%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average blanket export price stood at $X per ton in 2022, rising by 14% against the previous year. Over the period under review, the export price posted a buoyant expansion. The most prominent rate of growth was recorded in 2020 when the average export price increased by 67% against the previous year. The export price peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Oman ($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 Japan (+15.4%), while the prices for the other major destinations experienced more modest paces of growth.

Blanket Imports

Imports into Singapore

Blanket imports into Singapore skyrocketed to X tons in 2022, growing by 44% on the previous year's figure. The total import volume increased at an average annual rate of +4.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, blanket imports soared to $X in 2022. Over the period under review, total imports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +101.8% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 56%. Imports peaked in 2022 and are likely to see gradual growth in the near future.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of blanket to Singapore, with a 25% share of total imports. Moreover, blanket imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), fourfold. Japan (X tons) ranked third in terms of total imports with a 2.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled -6.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+81.6% per year) and Japan (+25.3% per year).

In value terms, China ($X) constituted the largest supplier of blankets and traveling rugs (except electric blankets) to Singapore, comprising 29% of total imports. The second position in the ranking was taken by the UK ($X), with a 10% share of total imports. It was followed by Vietnam, with a 6.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled -6.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+22.6% per year) and Vietnam (+78.2% per year).

Import Prices by Country

In 2022, the average blanket import price amounted to $X per ton, reducing by -10.3% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.0%. The pace of growth appeared the most rapid in 2021 an increase of 43%. As a result, import price reached the peak level of $X per ton, and then reduced in the following year.

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 the UK ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+10.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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