Singapore: Measuring Instrument Market 2022

Measuring Instrument Market Size in Singapore

In 2021, the Singaporean measuring instrument market increased by 11% to $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption continues to indicate a slight shrinkage. Measuring instrument consumption peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Measuring Instrument Production in Singapore

In value terms, measuring instrument production amounted to $X in 2021 estimated in export price. Overall, production saw a abrupt setback. The pace of growth appeared the most rapid in 2018 with an increase of 123%. As a result, production reached the peak level of $X. From 2019 to 2021, production growth failed to regain momentum.

Measuring Instrument Exports

Exports from Singapore

In 2021, shipments abroad of instruments and apparatus for measuring or checking the flow or level of liquids decreased by -4% to X units, falling for the third consecutive year after two years of growth. In general, exports, however, enjoyed strong growth. The most prominent rate of growth was recorded in 2013 when exports increased by 69%. The exports peaked at X units in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, measuring instrument exports expanded sharply to $X in 2021. The total export value increased at an average annual rate of +3.4% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when exports increased by 20%. Over the period under review, the exports reached the peak figure at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

Thailand (X units), the United States (X units) and Malaysia (X units) were the main destinations of measuring instrument exports from Singapore, with a combined 46% share of total exports. Vietnam, China, the United Arab Emirates, the Philippines, Germany, Belgium, Indonesia, Australia, South Korea and Taiwan (Chinese) lagged somewhat behind, together comprising a further 45%.

From 2012 to 2021, the biggest increases were in Belgium (with a CAGR of +102.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for measuring instrument exported from Singapore were China ($X), Malaysia ($X) and Indonesia ($X), together accounting for 41% of total exports. These countries were followed by South Korea, Vietnam, the United States, Belgium, Germany, Australia, Thailand, Taiwan (Chinese), the Philippines and the United Arab Emirates, which together accounted for a further 40%.

Among the main countries of destination, Belgium, with a CAGR of +93.3%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average measuring instrument export price stood at $X per unit in 2021, with an increase of 14% against the previous year. Overall, the export price, however, showed a pronounced reduction. The pace of growth appeared the most rapid in 2016 an increase of 48% against the previous year. The export price peaked at $X per unit in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was China ($X per unit), while the average price for exports to Thailand ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+17.2%), while the prices for the other major destinations experienced a decline.

Measuring Instrument Imports

Imports into Singapore

In 2021, overseas purchases of instruments and apparatus for measuring or checking the flow or level of liquids decreased by -29.1% to X units, falling for the third consecutive year after two years of growth. In general, imports continue to indicate a pronounced downturn. The pace of growth appeared the most rapid in 2018 when imports increased by 58% against the previous year. Imports peaked at X units in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, measuring instrument imports declined remarkably to $X in 2021. Overall, imports saw a perceptible reduction. The growth pace was the most rapid in 2019 when imports increased by 24%. Over the period under review, imports reached the maximum at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

China (X units), the United States (X units) and Japan (X units) were the main suppliers of measuring instrument imports to Singapore, together comprising 61% of total imports. Germany, India, Switzerland, the UK, the Netherlands, Italy, Indonesia, Malaysia and South Korea lagged somewhat behind, together accounting for a further 33%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Indonesia (with a CAGR of +35.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of measuring instrument to Singapore, comprising 26% of total imports. The second position in the ranking was taken by Germany ($X), with a 13% share of total imports. It was followed by Japan, with a 9.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States amounted to -1.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+3.3% per year) and Japan (-3.2% per year).

Import Prices by Country

In 2021, the average measuring instrument import price amounted to $X per unit, picking up by 17% against the previous year. Overall, import price indicated a slight expansion from 2012 to 2021: its price increased at an average annual rate of +1.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, measuring instrument import price increased by +100.8% against 2018 indices. The most prominent rate of growth was recorded in 2019 when the average import price increased by 41%. The import price peaked in 2021 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the UK ($X per unit), while the price for Switzerland ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+9.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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