Singapore: Footwear Market 2024

Footwear Market Size in Singapore

The Singaporean footwear market surged to $X in 2022, picking up by X% against the previous year. In general, the total consumption indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by X% against 2020 indices. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market remained at a somewhat lower figure.

Footwear Production in Singapore

In value terms, footwear production skyrocketed to $X in 2022 estimated in export price. Overall, production, however, saw buoyant growth. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Footwear Exports

Exports from Singapore

In 2022, overseas shipments of footwear increased by X% to X pairs, rising for the second consecutive year after two years of decline. The total export volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The exports peaked at X pairs in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, footwear exports surged to $X in 2022. Over the period under review, exports recorded strong growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Argentina (X pairs), Malaysia (X pairs) and Indonesia (X pairs) were the main destinations of footwear exports from Singapore, with a combined X% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Argentina (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Japan ($X) and the Philippines ($X) appeared to be the largest markets for footwear exported from Singapore worldwide, with a combined X% share of total exports.

In terms of the main countries of destination, the Philippines, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, 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 footwear export price amounted to $X per pair, surging by X% against the previous year. In general, the export price continues to indicate buoyant growth. The most prominent rate of growth was recorded in 2019 when the average export price increased by X%. The export price peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was India ($X per pair), while the average price for exports to the UK ($X per pair) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to India (X%), while the prices for the other major destinations experienced more modest paces of growth.

Footwear Imports

Imports into Singapore

In 2022, the amount of footwear imported into Singapore surged to X pairs, with an increase of X% on the previous year. Overall, imports, however, saw a relatively flat trend pattern. Imports peaked at X pairs in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, footwear imports skyrocketed to $X in 2022. Over the period under review, total imports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, China (X pairs) constituted the largest footwear supplier to Singapore, accounting for a X% share of total imports. Moreover, footwear imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X pairs), fivefold. The third position in this ranking was held by Italy (X pairs), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (X% per year) and Italy (X% per year).

In value terms, Italy ($X), China ($X) and Vietnam ($X) were the largest footwear suppliers to Singapore, together accounting for X% of total imports.

Vietnam, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among 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 footwear import price stood at $X per pair in 2022, increasing by X% against the previous year. Overall, import price indicated a strong expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, footwear import price increased by X% against 2017 indices. The most prominent rate of growth was recorded in 2018 when the average import price increased by X% against the previous year. Over the period under review, average import prices reached the maximum in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per pair), while the price for China ($X per pair) was amongst the lowest.

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

Source: IndexBox Platform

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