Singapore: Sugar-Manufacturing Industrial Machinery Market 2024

Sugar-Manufacturing Industrial Machinery Market Size in Singapore

In 2022, after three years of growth, there was significant decline in the Singaporean sugar-manufacturing industrial machinery market, when its value decreased by -12.1% to $X. Over the period under review, consumption recorded a perceptible reduction. Sugar-manufacturing industrial machinery consumption peaked at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Sugar-Manufacturing Industrial Machinery Exports

Exports from Singapore

In 2022, overseas shipments of industrial machinery for the manufacture or preparation of sugar were finally on the rise to reach X units for the first time since 2018, thus ending a three-year declining trend. In general, exports, however, continue to indicate a precipitous decrease. The exports peaked at X units in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, sugar-manufacturing industrial machinery exports skyrocketed to $X in 2022. Overall, exports, however, faced a precipitous setback. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Bangladesh (X units) was the main destination for sugar-manufacturing industrial machinery exports from Singapore, accounting for a 61% share of total exports. Moreover, sugar-manufacturing industrial machinery exports to Bangladesh exceeded the volume sent to the second major destination, the United States (X units), fivefold. The third position in this ranking was held by Indonesia (X units), with an 8.7% share.

From 2012 to 2022, the average annual growth rate of volume to Bangladesh totaled +16.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-21.6% per year) and Indonesia (-38.3% per year).

In value terms, Bangladesh ($X) remains the key foreign market for industrial machinery for the manufacture or preparation of sugar exports from Singapore, comprising 78% of total exports. The second position in the ranking was taken by Indonesia ($X), with a 13% share of total exports. It was followed by the United States, with a 3.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Bangladesh stood at +19.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-40.4% per year) and the United States (-42.5% per year).

Export Prices by Country

In 2022, the average sugar-manufacturing industrial machinery export price amounted to $X per unit, declining by -20% against the previous year. Overall, the export price recorded a deep slump. The pace of growth was the most pronounced in 2017 an increase of 64%. The export price peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Indonesia ($X per unit), while the average price for exports to Maldives ($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 Nigeria (+150.4%), while the prices for the other major destinations experienced more modest paces of growth.

Sugar-Manufacturing Industrial Machinery Imports

Imports into Singapore

In 2022, after three years of growth, there was significant decline in overseas purchases of industrial machinery for the manufacture or preparation of sugar, when their volume decreased by -12.1% to X units. In general, imports, however, enjoyed a pronounced increase. The pace of growth appeared the most rapid in 2016 with an increase of 1,400%. Imports peaked at X units in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, sugar-manufacturing industrial machinery imports fell modestly to $X in 2022. Over the period under review, imports, however, saw a tangible increase. The most prominent rate of growth was recorded in 2016 when imports increased by 1,556% against the previous year. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Japan (X units), China (X units) and Germany (X units) were the main suppliers of sugar-manufacturing industrial machinery imports to Singapore, with a combined 81% share of total imports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +22.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), Germany ($X) and China ($X) appeared to be the largest sugar-manufacturing industrial machinery suppliers to Singapore, together accounting for 83% of total imports. The United States, the UK, India, Taiwan (Chinese) and Australia lagged somewhat behind, together comprising a further 14%.

India, with a CAGR of +30.8%, 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 sugar-manufacturing industrial machinery import price stood at $X per unit in 2022, with an increase of 8.8% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the average import price increased by 21%. The import price peaked at $X per unit in 2016; however, from 2017 to 2022, 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 the UK ($X per unit), while the price for Australia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+24.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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