Singapore: Dried Prune Market 2024

Dried Prune Market Size in Singapore

The Singaporean dried prune market was estimated at $X in 2022, growing by 3.6% against the previous year. Over the period under review, consumption, however, showed a slight decline. Over the period under review, the market reached the peak level at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Dried Prune Production in Singapore

In value terms, dried prune production rose sharply to $X in 2022 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the production volume increased by 69% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2022, production growth remained at a somewhat lower figure.

Dried Prune Exports

Exports from Singapore

In 2022, approx. X tons of dried prunes were exported from Singapore; picking up by 10% on the year before. Overall, exports, however, saw a drastic downturn. The pace of growth was the most pronounced in 2016 when exports increased by 63%. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, dried prune exports soared to $X in 2022. Over the period under review, exports, however, continue to indicate a noticeable reduction. The pace of growth was the most pronounced in 2020 with an increase of 49% against the previous year. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Malaysia (X tons), the Philippines (X tons) and Indonesia (X tons) were the main destinations of dried prune exports from Singapore, together accounting for 82% of total exports. Brunei Darussalam, Hong Kong SAR, Fiji and Vietnam lagged somewhat behind, together comprising a further 16%.

From 2012 to 2022, the biggest increases were recorded for Fiji (with a CAGR of +130.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the Philippines ($X), Malaysia ($X) and Indonesia ($X) were the largest markets for dried prune exported from Singapore worldwide, with a combined 80% share of total exports. Brunei Darussalam, Hong Kong SAR, Fiji and Vietnam lagged somewhat behind, together accounting for a further 16%.

Fiji, with a CAGR of +105.5%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average dried prune export price amounted to $X per ton, rising by 6.5% against the previous year. Over the last decade, it increased at an average annual rate of +1.5%. The most prominent rate of growth was recorded in 2018 an increase of 21% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2019 to 2022, the average export prices failed to regain momentum.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to the Philippines ($X per ton) and Fiji ($X per ton), while the average price for exports to Malaysia ($X per ton) and Indonesia ($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 Brunei Darussalam (+3.0%), while the prices for the other major destinations experienced mixed trend patterns.

Dried Prune Imports

Imports into Singapore

In 2022, overseas purchases of dried prunes decreased by less than 0.1% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, imports showed a pronounced shrinkage. The pace of growth was the most pronounced in 2020 with an increase of 38%. Over the period under review, imports reached the maximum at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, dried prune imports reached $X in 2022. Overall, imports saw a perceptible shrinkage. The growth pace was the most rapid in 2020 when imports increased by 34%. Imports peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the United States (X tons) constituted the largest dried prune supplier to Singapore, with a 66% share of total imports. Moreover, dried prune imports from the United States exceeded the figures recorded by the second-largest supplier, Chile (X tons), fourfold. Hong Kong SAR (X tons) ranked third in terms of total imports with a 5.3% share.

From 2012 to 2022, the average annual growth rate of volume from the United States totaled -3.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Chile (+7.9% per year) and Hong Kong SAR (-0.7% per year).

In value terms, the United States ($X) constituted the largest supplier of dried prunes to Singapore, comprising 70% of total imports. The second position in the ranking was taken by Chile ($X), with an 18% share of total imports. It was followed by China, with a 3.6% share.

From 2012 to 2022, the average annual growth rate of value from the United States stood at -3.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Chile (+11.5% per year) and China (+4.7% per year).

Import Prices by Country

In 2022, the average dried prune import price amounted to $X per ton, leveling off at the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 an increase of 10%. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the average import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+3.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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