Singapore: Corrugated Paper Box Market 2024

Corrugated Paper Box Market Size in Singapore

The Singaporean corrugated paper box market rose rapidly to $X in 2022, surging by 8.4% against the previous year. The market value increased at an average annual rate of +2.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Corrugated Paper Box Production in Singapore

In value terms, corrugated paper box production reached $X in 2022 estimated in export price. In general, the total production indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +3.0% 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 +33.7% against 2019 indices. The growth pace was the most rapid in 2020 with an increase of 45% against the previous year. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Corrugated Paper Box Exports

Exports from Singapore

In 2022, approx. X tons of cartons, boxes and cases of corrugated paper or paperboard were exported from Singapore; dropping by -4.3% against 2021. In general, exports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when exports increased by 42% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, corrugated paper box exports shrank modestly to $X in 2022. The total export value increased at an average annual rate of +1.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 with an increase of 46% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Indonesia (X tons) was the main destination for corrugated paper box exports from Singapore, accounting for a 55% share of total exports. Moreover, corrugated paper box exports to Indonesia exceeded the volume sent to the second major destination, Malaysia (X tons), twofold. The United States (X tons) ranked third in terms of total exports with a 6.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Indonesia totaled +7.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-8.2% per year) and the United States (+36.9% per year).

In value terms, Indonesia ($X) remains the key foreign market for cartons, boxes and cases of corrugated paper or paperboard exports from Singapore, comprising 44% of total exports. The second position in the ranking was held by Malaysia ($X), with a 19% share of total exports. It was followed by the United States, with a 10% share.

From 2012 to 2022, the average annual growth rate of value to Indonesia amounted to +7.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-2.7% per year) and the United States (+30.0% per year).

Export Prices by Country

The average corrugated paper box export price stood at $X per ton in 2022, with an increase of 2% against the previous year. Over the period under review, export price indicated mild growth from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, corrugated paper box export price increased by +85.4% against 2017 indices. The growth pace was the most rapid in 2020 an increase of 49%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while the average price for exports to Indonesia ($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 the Philippines (+6.1%), while the prices for the other major destinations experienced more modest paces of growth.

Corrugated Paper Box Imports

Imports into Singapore

In 2022, overseas purchases of cartons, boxes and cases of corrugated paper or paperboard increased by 0.9% to X tons, rising for the sixth consecutive year after three years of decline. Overall, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with an increase of 27% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, corrugated paper box imports amounted to $X in 2022. The total import value increased at an average annual rate of +3.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 when imports increased by 18%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest supplier of corrugated paper box to Singapore, accounting for a 67% share of total imports. Moreover, corrugated paper box imports from Malaysia exceeded the figures recorded by the second-largest supplier, China (X tons), fourfold. The United States (X tons) ranked third in terms of total imports with a 4% share.

From 2012 to 2022, the average annual growth rate of volume from Malaysia amounted to +2.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+9.9% per year) and the United States (+8.7% per year).

In value terms, the largest corrugated paper box suppliers to Singapore were Malaysia ($X), China ($X) and the United States ($X), with a combined 84% share of total imports.

China, with a CAGR of +9.7%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average corrugated paper box import price stood at $X per ton in 2022, surging by 4.8% against the previous year. Overall, import price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, corrugated paper box import price increased by +19.9% against 2019 indices. The pace of growth was the most pronounced in 2014 an increase of 27% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+21.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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