Singapore: Magnetic Card Market 2024

Magnetic Card Market Size in Singapore

The Singaporean magnetic card market was finally on the rise to reach $X in 2021, after four years of decline. Over the period under review, consumption continues to indicate a strong increase. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Magnetic Card Production in Singapore

In value terms, magnetic card production skyrocketed to $X in 2021 estimated in export price. In general, production, however, continues to indicate a deep slump. The most prominent rate of growth was recorded in 2014 when the production volume increased by 81%. Magnetic card production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Magnetic Card Exports

Exports from Singapore

In 2021, overseas shipments of cards incorporating a magnetic stripe decreased by -49.5% to X units, falling for the third consecutive year after two years of growth. Overall, exports faced a precipitous slump. The pace of growth appeared the most rapid in 2017 with an increase of 62% against the previous year. Over the period under review, the exports hit record highs at X units in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, magnetic card exports fell to $X in 2021. In general, exports showed a sharp decrease. The pace of growth was the most pronounced in 2014 with an increase of 1.7%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Switzerland (X units), the United Arab Emirates (X units) and Nigeria (X units) were the main destinations of magnetic card exports from Singapore, together comprising 44% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Switzerland (with a CAGR of +111.3%), while the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), South Korea ($X) and France ($X) appeared to be the largest markets for magnetic card exported from Singapore worldwide, with a combined 63% share of total exports. These countries were followed by Indonesia, Australia, the UK, Switzerland, China, Nigeria, Spain, Finland, Russia and Israel, which together accounted for a further 22%.

In terms of the main countries of destination, Switzerland, with a CAGR of +31.1%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average magnetic card export price stood at $X per unit in 2021, with an increase of 82% against the previous year. Over the period under review, the export price, however, saw a abrupt descent. The export price peaked at $X per unit in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was South Korea ($X per unit), while the average price for exports to Switzerland ($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 (+18.3%), while the prices for the other major destinations experienced mixed trend patterns.

Magnetic Card Imports

Imports into Singapore

In 2021, the amount of cards incorporating a magnetic stripe imported into Singapore declined markedly to X units, shrinking by -47.4% compared with the year before. Overall, imports showed a sharp descent. The most prominent rate of growth was recorded in 2018 when imports increased by 14%. Over the period under review, imports attained the peak figure at X units in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, magnetic card imports skyrocketed to $X in 2021. Over the period under review, imports faced a deep slump. The most prominent rate of growth was recorded in 2013 when imports increased by 222%. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports failed to regain momentum.

Imports by Country

China (X units), the United States (X units) and Taiwan (Chinese) (X units) were the main suppliers of magnetic card imports to Singapore, with a combined 93% share of total imports. These countries were followed by Malaysia, Hong Kong SAR and Thailand, which together accounted for a further 5.2%.

From 2012 to 2021, the biggest increases were recorded for Malaysia (with a CAGR of +7.6%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Taiwan (Chinese) ($X), the United States ($X) and Malaysia ($X) constituted the largest magnetic card suppliers to Singapore, with a combined 88% share of total imports.

Taiwan (Chinese), with a CAGR of +25.8%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average magnetic card import price stood at $X per unit in 2021, surging by 407% against the previous year. Overall, the import price showed significant growth. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Malaysia ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Finland (+48.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :