Singapore: Plastic Household Articles Market 2024

Plastic Household Articles Market Size in Singapore

In 2022, the Singaporean plastic household articles market increased by 12% to $X, rising for the second consecutive year after two years of decline. In general, consumption recorded buoyant growth. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Plastic Household Articles Exports

Exports from Singapore

In 2022, approx. X tons of household articles and toilet articles of plastics were exported from Singapore; with a decrease of -18% compared with the previous year's figure. Overall, exports, however, posted a strong expansion. The pace of growth was the most pronounced in 2021 when exports increased by 105%. As a result, the exports reached the peak of X tons, and then dropped sharply in the following year.

In value terms, plastic household articles exports soared to $X in 2022. In general, exports, however, saw strong growth. The most prominent rate of growth was recorded in 2021 when exports increased by 89%. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

South Korea (X tons) was the main destination for plastic household articles exports from Singapore, accounting for a 26% share of total exports. Moreover, plastic household articles exports to South Korea exceeded the volume sent to the second major destination, Brunei Darussalam (X tons), twofold. China (X tons) ranked third in terms of total exports with a 9.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to South Korea amounted to +37.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brunei Darussalam (+5.0% per year) and China (+2.8% per year).

In value terms, South Korea ($X) remains the key foreign market for household articles and toilet articles of plastics exports from Singapore, comprising 32% of total exports. The second position in the ranking was taken by Brunei Darussalam ($X), with a 13% share of total exports. It was followed by China, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value to South Korea amounted to +46.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brunei Darussalam (+10.7% per year) and China (+9.6% per year).

Export Prices by Country

In 2022, the average plastic household articles export price amounted to $X per ton, jumping by 42% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.2%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to the United Arab Emirates ($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 China (+6.6%), while the prices for the other major destinations experienced more modest paces of growth.

Plastic Household Articles Imports

Imports into Singapore

In 2022, purchases abroad of household articles and toilet articles of plastics increased by 4.9% to X tons, rising for the second year in a row after two years of decline. Over the period under review, imports recorded a resilient expansion. The pace of growth was the most pronounced in 2017 when imports increased by 53% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, plastic household articles imports fell to $X in 2022. Overall, imports recorded a strong increase. The pace of growth was the most pronounced in 2018 with an increase of 51%. As a result, imports attained the peak of $X. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of plastic household articles to Singapore, accounting for a 68% share of total imports. Moreover, plastic household articles imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), sixfold. The third position in this ranking was held by Thailand (X tons), with a 6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +8.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+2.9% per year) and Thailand (+9.0% per year).

In value terms, China ($X) constituted the largest supplier of household articles and toilet articles of plastics to Singapore, comprising 63% of total imports. The second position in the ranking was held by Malaysia ($X), with a 12% share of total imports. It was followed by Japan, with a 6.7% share.

From 2012 to 2022, the average annual growth rate of value from China stood at +7.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+2.7% per year) and Japan (+2.2% per year).

Import Prices by Country

In 2022, the average plastic household articles import price amounted to $X per ton, reducing by -9.6% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the average import price increased by 9.1% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2021, and then shrank in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+7.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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