Singapore: Spectacle Frame Market 2024

Spectacle Frame Market Size in Singapore

The Singaporean spectacle frame market reduced to $X in 2022, shrinking by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption continues to indicate a deep slump. Spectacle frame consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Spectacle Frame Exports

Exports from Singapore

In 2022, after three years of decline, there was significant growth in shipments abroad of frames and mountings for spectacles, goggles or the like, when their volume increased by X% to X units. Overall, exports, however, faced a deep slump. Over the period under review, the exports hit record highs at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, spectacle frame exports surged to $X in 2022. In general, exports, however, faced a deep downturn. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Indonesia (X units) was the main destination for spectacle frame exports from Singapore, with a X% share of total exports. Moreover, spectacle frame exports to Indonesia exceeded the volume sent to the second major destination, the Philippines (X units), twofold. The third position in this ranking was held by Malaysia (X units), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Indonesia amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (X% per year) and Malaysia (X% per year).

In value terms, the largest markets for spectacle frame exported from Singapore were Indonesia ($X), the Philippines ($X) and South Korea ($X), with a combined X% share of total exports.

South Korea, with a CAGR of X%, saw the highest rates of growth with regard to 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

In 2022, the average spectacle frame export price amounted to $X per unit, surging by X% against the previous year. In general, export price indicated a strong increase 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, spectacle frame export price increased by X% against 2018 indices. The pace of growth appeared the most rapid in 2020 an increase of 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 export markets. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to Canada ($X per unit) was amongst the lowest.

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

Spectacle Frame Imports

Imports into Singapore

In 2022, the amount of frames and mountings for spectacles, goggles or the like imported into Singapore reduced to X units, waning by X% compared with the year before. Over the period under review, imports saw a deep slump. The most prominent rate of growth was recorded in 2015 when imports increased by X%. Over the period under review, imports reached the maximum at X units in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, spectacle frame imports rose markedly to $X in 2022. In general, imports recorded a drastic downturn. The pace of growth was the most pronounced in 2021 with an increase of X%. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest spectacle frame supplier to Singapore, accounting for a X% share of total imports. Moreover, spectacle frame imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X units), fourfold. The third position in this ranking was taken by India (X units), with a X% share.

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

In value terms, China ($X) constituted the largest supplier of frames and mountings for spectacles, goggles or the like to Singapore, comprising X% of total imports. The second position in the ranking was held by Italy ($X), with a X% share of total imports. It was followed by Japan, with a X% share.

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

Import Prices by Country

The average spectacle frame import price stood at $X per unit in 2022, surging by X% against the previous year. Over the period under review, import price indicated resilient growth 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, spectacle frame import price increased by X% against 2019 indices. The pace of growth appeared the most rapid in 2013 when the average import price increased by X% against the previous year. The import price peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Italy ($X per unit), while the price for Malaysia ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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