Singapore: Interchangeable Spanner Socket Market 2025

Interchangeable Spanner Socket Market Size in Singapore

The Singaporean interchangeable spanner socket market reduced sharply to $X in 2022, waning by -27.8% against the previous year. Over the period under review, consumption, however, showed a notable increase. As a result, consumption reached the peak level of $X, and then shrank markedly in the following year.

Interchangeable Spanner Socket Production in Singapore

In value terms, interchangeable spanner socket production declined slightly to $X in 2022 estimated in export price. In general, production enjoyed a resilient expansion. The pace of growth appeared the most rapid in 2014 when the production volume increased by 119%. Interchangeable spanner socket production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Interchangeable Spanner Socket Exports

Exports from Singapore

In 2022, overseas shipments of interchangeable spanner sockets increased by 70% to X tons, rising for the second consecutive year after four years of decline. In general, total exports indicated a temperate expansion from 2012 to 2022: its volume increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +97.8% against 2020 indices. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, interchangeable spanner socket exports surged to $X in 2022. Over the period under review, total exports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +7.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +110.2% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 60%. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons), Malaysia (X tons) and Indonesia (X tons) were the main destinations of interchangeable spanner socket exports from Singapore, with a combined 41% share of total exports. Myanmar, Taiwan (Chinese), Japan, the Netherlands, India, Vietnam, Brunei Darussalam, the United States, Australia and Hong Kong SAR lagged somewhat behind, together comprising a further 37%.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +43.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Malaysia ($X) and Indonesia ($X) were the largest markets for interchangeable spanner socket exported from Singapore worldwide, with a combined 41% share of total exports. Myanmar, Taiwan (Chinese), Japan, the Netherlands, India, Vietnam, Brunei Darussalam, the United States, Australia and Hong Kong SAR lagged somewhat behind, together accounting for a further 37%.

The Netherlands, with a CAGR of +49.5%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average interchangeable spanner socket export price stood at $X per ton in 2022, which is down by -23.1% against the previous year. In general, export price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, interchangeable spanner socket export price increased by +6.3% against 2020 indices. The pace of growth was the most pronounced in 2021 when the average export price increased by 38%. As a result, the export price reached the peak level of $X per ton, and then contracted dramatically in the following year.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Hong Kong SAR ($X per ton) and Brunei Darussalam ($X per ton), while the average price for exports to the Netherlands ($X per ton) and India ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (+4.3%), while the prices for the other major destinations experienced more modest paces of growth.

Interchangeable Spanner Socket Imports

Imports into Singapore

In 2022, the amount of interchangeable spanner sockets imported into Singapore reduced rapidly to X tons, dropping by -24.9% on the previous year. Over the period under review, imports, however, showed a perceptible expansion. The pace of growth was the most pronounced in 2021 with an increase of 175%. As a result, imports reached the peak of X tons, and then dropped sharply in the following year.

In value terms, interchangeable spanner socket imports declined significantly to $X in 2022. In general, imports, however, posted a mild increase. The most prominent rate of growth was recorded in 2021 when imports increased by 178% against the previous year. As a result, imports attained the peak of $X, and then reduced dramatically in the following year.

Imports by Country

Taiwan (Chinese) (X tons), China (X tons) and the United States (X tons) were the main suppliers of interchangeable spanner socket imports to Singapore, together accounting for 74% of total imports. Germany, Sweden, France, the UK, Japan, Italy and Norway lagged somewhat behind, together accounting for a further 18%.

From 2012 to 2022, the biggest increases were recorded for Sweden (with a CAGR of +40.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Taiwan (Chinese) ($X), China ($X) and the United States ($X) constituted the largest interchangeable spanner socket suppliers to Singapore, together comprising 74% of total imports. Germany, Sweden, France, the UK, Japan, Italy and Norway lagged somewhat behind, together comprising a further 18%.

In terms of the main suppliers, Sweden, with a CAGR of +39.3%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average interchangeable spanner socket import price amounted to $X per ton, growing by 2.4% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average import price increased by 11%. Over the period under review, average import prices reached the maximum at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Japan ($X per ton) and the United States ($X per ton), while the price for Norway ($X per ton) and Italy ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (-0.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :