Singapore: Bumper Market 2024

Bumper Market Size in Singapore

The Singaporean bumper market totaled $X in 2022, approximately reflecting the previous year. Over the period under review, the total consumption indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +9.6% 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 +6.1% against 2020 indices. Bumper consumption peaked in 2022 and is expected to retain growth in the immediate term.

Bumper Production in Singapore

In value terms, bumper production reduced slightly to $X in 2022 estimated in export price. In general, the total production indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +2.0% against 2020 indices. The pace of growth was the most pronounced in 2017 when the production volume increased by 16%. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Bumper Exports

Exports from Singapore

In 2022, exports of bumpers from Singapore contracted to X tons, with a decrease of -10.7% on 2021. Over the period under review, exports saw a abrupt setback. The pace of growth appeared the most rapid in 2021 with an increase of 40% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, bumper exports stood at $X in 2022. In general, exports continue to indicate a deep reduction. The pace of growth was the most pronounced in 2021 with an increase of 44%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Indonesia (X tons), Brazil (X tons) and Argentina (X tons) were the main destinations of bumper exports from Singapore, together accounting for 60% of total exports. Hong Kong SAR, Pakistan, Australia, South Africa, Taiwan (Chinese), India, Sri Lanka and Malaysia lagged somewhat behind, together accounting for a further 35%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Sri Lanka (with a CAGR of +2.3%), while the other leaders experienced mixed trend patterns.

In value terms, Brazil ($X), Argentina ($X) and Hong Kong SAR ($X) were the largest markets for bumper exported from Singapore worldwide, together comprising 53% of total exports. Indonesia, Pakistan, Australia, South Africa, Taiwan (Chinese), Sri Lanka, Malaysia and India lagged somewhat behind, together comprising a further 41%.

Among the main countries of destination, Sri Lanka, with a CAGR of +8.3%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average bumper export price stood at $X per ton in 2022, jumping by 15% against the previous year. Over the period under review, export price indicated prominent growth from 2012 to 2022: its price increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, bumper export price increased by +18.4% against 2020 indices. The pace of growth was the most pronounced in 2017 an increase of 16%. Over the period under review, the average export prices reached the maximum in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Indonesia ($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 Hong Kong SAR (+10.2%), while the prices for the other major destinations experienced more modest paces of growth.

Bumper Imports

Imports into Singapore

In 2022, the amount of bumpers imported into Singapore fell to X tons, which is down by -8.7% on the year before. In general, imports saw a abrupt decrease. The pace of growth appeared the most rapid in 2021 with an increase of 62% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, bumper imports dropped to $X in 2022. Overall, imports showed a deep contraction. The pace of growth appeared the most rapid in 2021 when imports increased by 66%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest bumper supplier to Singapore, with a 48% share of total imports. Moreover, bumper imports from Malaysia exceeded the figures recorded by the second-largest supplier, the Philippines (X tons), threefold. Vietnam (X tons) ranked third in terms of total imports with a 9.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Malaysia amounted to -11.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the Philippines (-9.9% per year) and Vietnam (-0.8% per year).

In value terms, the largest bumper suppliers to Singapore were Malaysia ($X), the Philippines ($X) and Vietnam ($X), together accounting for 77% of total imports.

Vietnam, with a CAGR of +4.3%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average bumper import price stood at $X per ton in 2022, dropping by -2% against the previous year. Over the last decade, it increased at an average annual rate of +2.3%. The growth pace was the most rapid in 2018 an increase of 14% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2021, and then fell slightly 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 Philippines ($X per ton), while the price for Indonesia ($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 Philippines (+6.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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