Singapore: Corrugated Paper Market 2024

Corrugated Paper Market Size in Singapore

In 2021, the Singaporean corrugated paper market decreased by -24.3% to $X, falling for the second year in a row after three years of growth. Overall, the total consumption indicated mild growth from 2012 to 2021: its value increased at an average annual rate of +1.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -28.6% against 2019 indices. As a result, consumption reached the peak level of $X. From 2020 to 2021, the growth of the market failed to regain momentum.

Corrugated Paper Production in Singapore

In value terms, corrugated paper production declined modestly to $X in 2021 estimated in export price. Over the period under review, production showed a prominent expansion. The pace of growth appeared the most rapid in 2014 when the production volume increased by 84%. Over the period under review, production hit record highs at $X in 2020, and then fell slightly in the following year.

Corrugated Paper Exports

Exports from Singapore

After three years of decline, shipments abroad of corrugated paper and paperboard increased by 839% to X tons in 2021. Overall, exports posted a buoyant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, corrugated paper exports surged to $X in 2021. In general, exports enjoyed resilient growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Indonesia (X tons) was the main destination for corrugated paper exports from Singapore, with a 97% share of total exports. It was followed by Papua New Guinea (X tons), with a 1.8% share of total exports. The third position in this ranking was taken by Malaysia (X tons), with a 0.2% share.

From 2012 to 2021, the average annual growth rate of volume to Indonesia stood at +15.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Papua New Guinea (-3.6% per year) and Malaysia (-15.5% per year).

In value terms, Indonesia ($X) remains the key foreign market for corrugated paper and paperboard exports from Singapore, comprising 88% of total exports. The second position in the ranking was taken by Papua New Guinea ($X), with a 4.2% share of total exports. It was followed by Malaysia, with a 0.4% share.

From 2012 to 2021, the average annual growth rate of value to Indonesia totaled +10.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Papua New Guinea (+3.7% per year) and Malaysia (-16.4% per year).

Export Prices by Country

In 2021, the average corrugated paper export price amounted to $X per ton, which is down by -50.8% against the previous year. Overall, the export price continues to indicate a abrupt slump. The most prominent rate of growth was recorded in 2015 an increase of 29%. As a result, the export price reached the peak level of $X per ton. From 2016 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Australia ($X per ton), while the average price for exports to Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Papua New Guinea (+7.6%), while the prices for the other major destinations experienced a decline.

Corrugated Paper Imports

Imports into Singapore

In 2021, overseas purchases of corrugated paper and paperboard increased by 172% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports, however, showed a noticeable curtailment. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, corrugated paper imports soared to $X in 2021. Overall, imports, however, saw a perceptible slump. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the United States (X tons) constituted the largest corrugated paper supplier to Singapore, accounting for a 58% share of total imports. Moreover, corrugated paper imports from the United States exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), threefold. The third position in this ranking was held by Indonesia (X tons), with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States totaled +28.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-14.5% per year) and Indonesia (+0.7% per year).

In value terms, the United States ($X), Malaysia ($X) and Indonesia ($X) appeared to be the largest corrugated paper suppliers to Singapore, with a combined 81% share of total imports. These countries were followed by China, Thailand and Australia, which together accounted for a further 16%.

Australia, with a CAGR of +123.0%, saw 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 import price stood at $X per ton in 2021, dropping by -11.7% against the previous year. Overall, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 8.9%. Over the period under review, average import prices reached the maximum at $X per ton in 2016; however, from 2017 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was China ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+8.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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