Singapore: Industrial Sewing Machine Market 2024

Industrial Sewing Machine Market Size in Singapore

The Singaporean industrial sewing machine market contracted to $X in 2022, which is down by -8.7% against the previous year. Over the period under review, the total consumption indicated a modest increase from 2012 to 2022: its value increased at an average annual rate of +1.8% 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 +56.5% against 2018 indices. Industrial sewing machine consumption peaked at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Industrial Sewing Machine Production in Singapore

In value terms, industrial sewing machine production shrank remarkably to $X in 2022 estimated in export price. Overall, production saw a mild descent. The pace of growth was the most pronounced in 2021 when the production volume increased by 75%. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Industrial Sewing Machine Exports

Exports from Singapore

In 2022, shipments abroad of industrial sewing machines increased by 17% to X units, rising for the second consecutive year after two years of decline. In general, exports recorded a measured expansion. The pace of growth appeared the most rapid in 2014 when exports increased by 48%. Over the period under review, the exports hit record highs at X units in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, industrial sewing machine exports expanded notably to $X in 2022. Overall, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 60%. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

India (X units), Bangladesh (X units) and Indonesia (X units) were the main destinations of industrial sewing machine exports from Singapore, together comprising 60% of total exports. Vietnam, Myanmar, Hong Kong SAR, Pakistan, Sri Lanka, Taiwan (Chinese), the Philippines, Malaysia, Thailand and Cambodia lagged somewhat behind, together comprising a further 32%.

From 2012 to 2022, the biggest increases were recorded for the Philippines (with a CAGR of +17.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Bangladesh ($X) remains the key foreign market for industrial sewing machines exports from Singapore, comprising 37% of total exports. The second position in the ranking was taken by India ($X), with an 18% share of total exports. It was followed by Vietnam, with a 12% share.

From 2012 to 2022, the average annual growth rate of value to Bangladesh was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+5.7% per year) and Vietnam (-2.7% per year).

Export Prices by Country

The average industrial sewing machine export price stood at $X per unit in 2022, falling by -7.4% against the previous year. In general, the export price saw a perceptible slump. The growth pace was the most rapid in 2018 when the average export price increased by 20%. 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 Pakistan ($X per unit), while the average price for exports to Myanmar ($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 Malaysia (+5.6%), while the prices for the other major destinations experienced more modest paces of growth.

Industrial Sewing Machine Imports

Imports into Singapore

In 2022, overseas purchases of industrial sewing machines increased by 15% to X units, rising for the second year in a row after three years of decline. Overall, imports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 104%. Over the period under review, imports reached the maximum at X units in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, industrial sewing machine imports soared to $X in 2022. In general, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 100% against the previous year. Over the period under review, imports reached the peak figure at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest industrial sewing machine supplier to Singapore, accounting for a 57% share of total imports. Moreover, industrial sewing machine imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X units), threefold. The third position in this ranking was taken by Japan (X units), with a 17% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at -3.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+10.1% per year) and Japan (+0.2% per year).

In value terms, the largest industrial sewing machine suppliers to Singapore were China ($X), Japan ($X) and Vietnam ($X), together accounting for 99% of total imports.

Vietnam, with a CAGR of +21.4%, recorded the highest rates of growth with regard to 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 industrial sewing machine import price stood at $X per unit in 2022, increasing by 7.8% against the previous year. Over the last decade, it increased at an average annual rate of +1.4%. The pace of growth appeared the most rapid in 2013 when the average import price increased by 22%. The import price peaked at $X per unit in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

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 Japan ($X per unit), while the price for Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+10.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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