Singapore: Crude Granite Market 2024

Crude Granite Market Size in Singapore

The Singaporean crude granite market dropped markedly to $X in 2022, which is down by -20.4% 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). Overall, consumption continues to indicate a precipitous contraction. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Crude Granite Exports

Exports from Singapore

In 2022, approx. X tons of granite (crude) were exported from Singapore; waning by -15.5% on the previous year. In general, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 3,165%. The exports peaked at X tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude granite exports totaled $X in 2022. Overall, exports, however, posted a prominent increase. The most prominent rate of growth was recorded in 2016 with an increase of 2,497% against the previous year. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

British Indian Ocean Territory (X tons) was the main destination for crude granite exports from Singapore, with a 66% share of total exports. Moreover, crude granite exports to British Indian Ocean Territory exceeded the volume sent to the second major destination, the United States (X tons), fourfold. China (X tons) ranked third in terms of total exports with an 8.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to British Indian Ocean Territory amounted to +10.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+91.8% per year) and China (-1.5% per year).

In value terms, Brunei Darussalam ($X) remains the key foreign market for granite (crude) exports from Singapore, comprising 58% of total exports. The second position in the ranking was taken by British Indian Ocean Territory ($X), with a 14% share of total exports. It was followed by China, with a 14% share.

From 2012 to 2022, the average annual growth rate of value to Brunei Darussalam totaled +50.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: British Indian Ocean Territory (+53.1% per year) and China (+30.5% per year).

Export Prices by Country

The average crude granite export price stood at $X per ton in 2022, surging by 19% against the previous year. Over the period under review, the export price showed resilient growth. The growth pace was the most rapid in 2020 when the average export price increased by 93%. As a result, the export price attained the peak level of $X per ton. From 2021 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+150.7%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Granite Imports

Imports into Singapore

Crude granite imports into Singapore reduced rapidly to X tons in 2022, which is down by -22.1% against the year before. Over the period under review, imports recorded a precipitous decrease. The most prominent rate of growth was recorded in 2016 when imports increased by 1,614%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, crude granite imports fell remarkably to $X in 2022. Overall, imports showed a dramatic setback. The pace of growth appeared the most rapid in 2016 when imports increased by 1,955%. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Vietnam (X tons), Malaysia (X tons) and Indonesia (X tons) were the main suppliers of crude granite imports to Singapore, with a combined 100% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of -5.5%), while imports for the other leaders experienced a decline.

In value terms, Malaysia ($X) constituted the largest supplier of granite (crude) to Singapore, comprising 63% of total imports. The second position in the ranking was held by Indonesia ($X), with a 4.9% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Malaysia amounted to -36.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (-47.2% per year) and Vietnam (-59.8% per year).

Import Prices by Country

In 2022, the average crude granite import price amounted to $X per ton, with an increase of 2.5% against the previous year. Overall, the import price posted resilient growth. The growth pace was the most rapid in 2020 when the average import price increased by 44%. As a result, import price reached the peak level of $X per ton. From 2021 to 2022, the average import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+21.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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