Singapore: Machinery Electrical Parts Market 2025

Machinery Electrical Parts Market Size in Singapore

The Singaporean machinery electrical parts market expanded significantly to $X in 2022, with an increase of 5.7% against the previous year. In general, consumption showed a mild setback. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Machinery Electrical Parts Production in Singapore

In value terms, machinery electrical parts production fell to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a pronounced increase. The most prominent rate of growth was recorded in 2013 when the production volume increased by 87% against the previous year. Over the period under review, production attained the peak level at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Machinery Electrical Parts Exports

Exports from Singapore

In 2022, overseas shipments of electrical parts of machinery or apparatus decreased by -25.9% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports recorded a slight curtailment. The pace of growth appeared the most rapid in 2015 with an increase of 77%. As a result, the exports reached the peak of X tons. From 2016 to 2022, the growth of the exports remained at a lower figure.

In value terms, machinery electrical parts exports reduced to $X in 2022. In general, exports recorded a mild curtailment. The growth pace was the most rapid in 2021 with an increase of 37% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Malaysia (X tons), Vietnam (X tons) and India (X tons) were the main destinations of machinery electrical parts exports from Singapore, with a combined 44% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +25.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Vietnam ($X) and India ($X) constituted the largest markets for machinery electrical parts exported from Singapore worldwide, with a combined 44% share of total exports.

Vietnam, with a CAGR of +25.2%, saw the highest growth rate of the value of exports, among 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 machinery electrical parts export price stood at $X per ton in 2022, jumping by 17% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the average export price increased by 58% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Vietnam ($X per ton) and Japan ($X per ton), while the average price for exports to Taiwan (Chinese) ($X per ton) and Thailand ($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 (-0.5%), while the prices for the other major destinations experienced a decline.

Machinery Electrical Parts Imports

Imports into Singapore

After two years of growth, overseas purchases of electrical parts of machinery or apparatus decreased by -16.2% to X tons in 2022. Over the period under review, imports saw a noticeable slump. The pace of growth was the most pronounced in 2020 with an increase of 51%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, machinery electrical parts imports rose rapidly to $X in 2022. In general, imports showed a abrupt contraction. The pace of growth appeared the most rapid in 2018 when imports increased by 50%. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), Thailand (X tons) and Japan (X tons) were the main suppliers of machinery electrical parts imports to Singapore, together comprising 66% of total imports.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +13.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Thailand ($X) and Japan ($X) appeared to be the largest machinery electrical parts suppliers to Singapore, together accounting for 66% of total imports.

Thailand, with a CAGR of +9.5%, recorded the highest growth rate of 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 machinery electrical parts import price stood at $X per ton in 2022, jumping by 31% against the previous year. Over the period under review, the import price, however, recorded a pronounced downturn. Over the period under review, average import prices reached the maximum at $X per ton in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Thailand ($X per ton) and Malaysia ($X per ton), while the price for Indonesia ($X per ton) and Taiwan (Chinese) ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (-3.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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