Singapore: Electrical Circuit Apparatus Market 2022

Electrical Circuit Apparatus Market Size in Singapore

In 2021, the Singaporean electrical circuit apparatus market decreased by -48.8% to $X, falling for the second consecutive year after four years of growth. Overall, consumption saw a abrupt slump. Electrical circuit apparatus consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Electrical Circuit Apparatus Production in Singapore

In value terms, electrical circuit apparatus production dropped remarkably to $X in 2021 estimated in export price. Overall, production faced a abrupt shrinkage. The growth pace was the most rapid in 2014 with an increase of 1,328%. As a result, production reached the peak level of $X. From 2015 to 2021, production growth remained at a somewhat lower figure.

Electrical Circuit Apparatus Exports

Exports from Singapore

In 2021, overseas shipments of electrical apparatus for circuit connection, switching and protection increased by 20% to X tons for the first time since 2018, thus ending a two-year declining trend. The total export volume increased at an average annual rate of +5.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 when exports increased by 58% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, electrical circuit apparatus exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +5.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 47% against the previous year. The exports peaked in 2021 and are likely to see gradual growth in the immediate term.

Exports by Country

Malaysia (X tons), Indonesia (X tons) and China (X tons) were the main destinations of electrical circuit apparatus exports from Singapore, with a combined 43% share of total exports. Thailand, Hong Kong SAR, the United States, France, the United Arab Emirates, India, Vietnam, the Philippines, Taiwan (Chinese) and Germany lagged somewhat behind, together comprising a further 48%.

From 2012 to 2021, the biggest increases were in the United Arab Emirates (with a CAGR of +17.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Indonesia ($X) and China ($X) constituted the largest markets for electrical circuit apparatus exported from Singapore worldwide, together accounting for 44% of total exports. Thailand, Hong Kong SAR, the United States, India, France, Vietnam, the Philippines, Germany, Taiwan (Chinese) and the United Arab Emirates lagged somewhat behind, together accounting for a further 45%.

Vietnam, with a CAGR of +14.8%, 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

The average electrical circuit apparatus export price stood at $X per ton in 2021, remaining stable against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2015 an increase of 7.5% against the previous year. The export price peaked at $X per ton in 2020, and then dropped modestly in the following year.

Prices varied noticeably country of destination: the country with the highest price was Germany ($X per ton), while the average price for exports to the United Arab Emirates ($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 the Philippines (+2.1%), while the prices for the other major destinations experienced more modest paces of growth.

Electrical Circuit Apparatus Imports

Imports into Singapore

In 2021, approx. X tons of electrical apparatus for circuit connection, switching and protection were imported into Singapore; with an increase of 10% compared with 2020. Overall, imports saw a relatively flat trend pattern. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, electrical circuit apparatus imports soared to $X in 2021. In general, imports recorded a relatively flat trend pattern. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest electrical circuit apparatus supplier to Singapore, accounting for a 25% share of total imports. Moreover, electrical circuit apparatus imports from China exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), twofold. The third position in this ranking was taken by Malaysia (X tons), with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +1.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+4.1% per year) and Malaysia (-5.0% per year).

In value terms, China ($X) constituted the largest supplier of electrical circuit apparatus to Singapore, comprising 30% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 12% share of total imports. It was followed by Indonesia, with an 11% share.

From 2012 to 2021, the average annual growth rate of value from China stood at +5.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-3.6% per year) and Indonesia (+2.2% per year).

Import Prices by Country

The average electrical circuit apparatus import price stood at $X per ton in 2021, picking up by 12% against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the average import price increased by 13% against the previous year. Over the period under review, average import prices reached the peak figure in 2021 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Mexico ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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