Singapore: Clove Market 2024

Clove Market Size in Singapore

The Singaporean clove market declined dramatically to $X in 2022, falling by -33.1% against the previous year. Overall, consumption, however, enjoyed a prominent expansion. As a result, consumption attained the peak level of $X, and then declined sharply in the following year.

Clove Production in Singapore

In value terms, clove production contracted to $X in 2022 estimated in export price. Over the period under review, production recorded a deep slump. The pace of growth appeared the most rapid in 2019 when the production volume increased by 56%. Over the period under review, production attained the peak level at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

The average yield of cloves in Singapore was estimated at less than X kg per ha in 2022, flattening at the previous year. In general, the yield showed a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The clove harvested area in Singapore totaled less than X ha in 2022, stabilizing at the previous year's figure. In general, the harvested area recorded a relatively flat trend pattern.

Clove Exports

Exports from Singapore

In 2022, approx. X tons of cloves were exported from Singapore; increasing by 178% against 2021 figures. Overall, exports continue to indicate a slight expansion. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, clove exports soared to $X in 2022. In general, exports, however, saw a slight downturn. 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) was the main destination for clove exports from Singapore, with a 84% share of total exports. Moreover, clove exports to Indonesia exceeded the volume sent to the second major destination, Malaysia (X tons), more than tenfold. The third position in this ranking was taken by Bangladesh (X tons), with a 1.8% share.

From 2012 to 2022, the average annual growth rate of volume to Indonesia stood at +7.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-6.0% per year) and Bangladesh (+4.2% per year).

In value terms, Indonesia ($X) remains the key foreign market for cloves exports from Singapore, comprising 85% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 4.6% share of total exports. It was followed by Bangladesh, with a 1.8% share.

From 2012 to 2022, the average annual growth rate of value to Indonesia amounted to +2.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-9.8% per year) and Bangladesh (+1.5% per year).

Export Prices by Country

In 2022, the average clove export price amounted to $X per ton, surging by 25% against the previous year. Over the period under review, the export price, however, recorded a pronounced curtailment. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Indonesia ($X per ton) and Bangladesh ($X per ton), while the average price for exports to Vietnam ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (-2.3%), while the prices for the other major destinations experienced a decline.

Clove Imports

Imports into Singapore

In 2022, overseas purchases of cloves increased by 78% to X tons, rising for the third year in a row after two years of decline. Overall, imports showed a slight increase. The most prominent rate of growth was recorded in 2016 with an increase of 121% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, clove imports soared to $X in 2022. In general, imports, however, saw a slight descent. The growth pace was the most rapid in 2021 with an increase of 143%. Imports peaked at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Madagascar (X tons) constituted the largest supplier of clove to Singapore, accounting for a 83% share of total imports. Moreover, clove imports from Madagascar exceeded the figures recorded by the second-largest supplier, Tanzania (X tons), tenfold. Comoros (X tons) ranked third in terms of total imports with a 5.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Madagascar stood at +2.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Tanzania (+1.7% per year) and Comoros (-6.5% per year).

In value terms, Madagascar ($X) constituted the largest supplier of cloves to Singapore, comprising 84% of total imports. The second position in the ranking was held by Tanzania ($X), with an 8.4% share of total imports. It was followed by Comoros, with a 5.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Madagascar was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Tanzania (-1.9% per year) and Comoros (-8.7% per year).

Import Prices by Country

The average clove import price stood at $X per ton in 2022, rising by 14% against the previous year. Overall, the import price, however, continues to indicate a noticeable descent. The growth pace was the most rapid in 2021 an increase of 48% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Madagascar ($X per ton) and Tanzania ($X per ton), while the price for Indonesia ($X per ton) and the United Arab Emirates ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (-1.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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