Singapore: Market for Coconut, Abaca, Ramie and other Vegetable Textile Fibres 2024

Market Size for Coconut, Abaca, Ramie and other Vegetable Textile Fibres in Singapore

For the third consecutive year, the Singaporean market for coconut, abaca, ramie and other vegetable textile fibres recorded growth in sales value, which increased by 22% to $X in 2022. In general, consumption continues to indicate a significant expansion. Consumption of peaked in 2022 and is likely to see gradual growth in the near future.

Production of Coconut, Abaca, Ramie and other Vegetable Textile Fibres in Singapore

In value terms, production of coconut, abaca, ramie and other vegetable textile fibres expanded modestly to $X in 2022 estimated in export price. Overall, production posted prominent growth. The most prominent rate of growth was recorded in 2015 with an increase of 30,852,600%. Over the period under review, production of attained the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

In 2022, the average yield of coconut, abaca, ramie and other vegetable textile fibres in Singapore stood at less than X kg per ha, approximately equating the year before. Over the period under review, 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.

In 2022, the total area harvested in terms of coconut, abaca, ramie and other vegetable textile fibres production in Singapore was estimated at less than X ha, almost unchanged from the year before. In general, the harvested area saw a relatively flat trend pattern.

Exports of Coconut, Abaca, Ramie and other Vegetable Textile Fibres

Exports from Singapore

In 2022, shipments abroad of coconut, abaca, ramie and other vegetable textile fibres decreased by -43.7% to X tons, falling for the third consecutive year after three years of growth. Over the period under review, exports, however, continue to indicate modest growth. The most prominent rate of growth was recorded in 2014 with an increase of 113% against the previous year. Over the period under review, the exports of attained the peak figure at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, exports of coconut, abaca, ramie and other vegetable textile fibres shrank remarkably to $X in 2022. Overall, exports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with an increase of 84%. Over the period under review, the exports of attained the maximum at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Indonesia (X tons) was the main destination for exports of coconut, abaca, ramie and other vegetable textile fibres from Singapore, accounting for a 99% share of total exports. It was followed by China (X tons), with a 1.3% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Indonesia totaled +2.7%.

In value terms, Indonesia ($X) remains the key foreign market for coconut, abaca, ramie and other vegetable textile fibres exports from Singapore, comprising 89% of total exports. The second position in the ranking was held by China ($X), with a 3.2% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Indonesia totaled +14.5%.

Export Prices by Country

In 2022, the average export price for coconut, abaca, ramie and other vegetable textile fibres amounted to $X per ton, picking up by 18% against the previous year. In general, the export price, however, recorded a mild downturn. The most prominent rate of growth was recorded in 2013 when the average export price increased by 62%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Indonesia amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+11.4%).

Imports of Coconut, Abaca, Ramie and other Vegetable Textile Fibres

Imports into Singapore

In 2022, the amount of coconut, abaca, ramie and other vegetable textile fibres imported into Singapore contracted modestly to X tons, almost unchanged from the previous year. Overall, imports, however, showed a significant expansion. The pace of growth appeared the most rapid in 2021 when imports increased by 345%. As a result, imports attained the peak of X tons, leveling off in the following year.

In value terms, imports of coconut, abaca, ramie and other vegetable textile fibres expanded slightly to $X in 2022. In general, imports, however, enjoyed a significant expansion. The growth pace was the most rapid in 2021 with an increase of 461%. Imports peaked in 2022 and are likely to see gradual growth in the near future.

Imports by Country

In 2022, Indonesia (X tons) constituted the largest supplier of coconut, abaca, ramie and other vegetable textile fibre to Singapore, accounting for a 81% share of total imports. Moreover, imports of coconut, abaca, ramie and other vegetable textile fibres from Indonesia exceeded the figures recorded by the second-largest supplier, India (X tons), more than tenfold. The third position in this ranking was taken by Malaysia (X tons), with a 7.6% share.

From 2012 to 2022, the average annual growth rate of volume from Indonesia amounted to +47.7%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+15.1% per year) and Malaysia (+0.0% per year).

In value terms, Indonesia ($X) constituted the largest supplier of coconut, abaca, ramie and other vegetable textile fibres to Singapore, comprising 85% of total imports. The second position in the ranking was held by India ($X), with a 5.9% share of total imports. It was followed by Malaysia, with a 4% share.

From 2012 to 2022, the average annual growth rate of value from Indonesia stood at +59.4%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+18.8% per year) and Malaysia (-0.4% per year).

Import Prices by Country

In 2022, the average import price for coconut, abaca, ramie and other vegetable textile fibres amounted to $X per ton, growing by 3.3% against the previous year. In general, import price indicated modest growth from 2012 to 2022: its price increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, import price for coconut, abaca, ramie and other vegetable textile fibres increased by +48.9% against 2019 indices. The most prominent rate of growth was recorded in 2013 an increase of 32%. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the average import prices failed to regain momentum.

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 Sri Lanka ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+11.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform