Singapore: Market for Iron Or Steel Solid Fuel Domestic Appliances 2024

Market Size for Iron Or Steel Solid Fuel Domestic Appliances in Singapore

The Singaporean metal solid fuel appliances market rose rapidly to $X in 2022, with an increase of 5.7% against the previous year. In general, consumption, however, showed a abrupt decline. Metal solid fuel appliances consumption peaked at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Production of Iron Or Steel Solid Fuel Domestic Appliances in Singapore

In value terms, metal solid fuel appliances production surged to $X in 2022 estimated in export price. In general, production, however, recorded a perceptible setback. The growth pace was the most rapid in 2020 with an increase of 353%. Metal solid fuel appliances production peaked at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Exports of Iron Or Steel Solid Fuel Domestic Appliances

Exports from Singapore

In 2022, metal solid fuel appliances exports from Singapore soared to X units, jumping by 525% against 2021. Over the period under review, exports posted resilient growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, metal solid fuel appliances exports skyrocketed to $X in 2022. Overall, exports posted a notable increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X units) was the main destination for metal solid fuel appliances exports from Singapore, with a 83% share of total exports. Moreover, metal solid fuel appliances exports to the United States exceeded the volume sent to the second major destination, Indonesia (X units), sixfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States amounted to +124.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+1.6% per year) and Malaysia (-19.3% per year).

In value terms, the United States ($X) remains the key foreign market for iron or steel solid fuel domestic appliances exports from Singapore, comprising 77% of total exports. The second position in the ranking was held by Indonesia ($X), with an 18% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to +113.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+7.3% per year) and Malaysia (-12.9% per year).

Export Prices by Country

The average metal solid fuel appliances export price stood at $X per unit in 2022, dropping by -37.5% against the previous year. Over the period under review, the export price saw a abrupt descent. The pace of growth appeared the most rapid in 2021 an increase of 121%. The export price peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Malaysia ($X per unit), while the average price for exports to the United States ($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 (+7.9%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Iron Or Steel Solid Fuel Domestic Appliances

Imports into Singapore

Metal solid fuel appliances imports into Singapore skyrocketed to X units in 2022, growing by 124% against 2021. Over the period under review, imports continue to indicate slight growth. The most prominent rate of growth was recorded in 2020 when imports increased by 637%. As a result, imports reached the peak of X units. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, metal solid fuel appliances imports skyrocketed to $X in 2022. In general, imports enjoyed a measured expansion. The most prominent rate of growth was recorded in 2020 with an increase of 119%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, China (X units) was the main metal solid fuel appliances supplier to Singapore, with a 90% share of total imports. It was followed by the United States (X units), with a 2.7% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from China totaled +2.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+13.2% per year) and Taiwan (Chinese) (+32.9% per year).

In value terms, China ($X) constituted the largest supplier of iron or steel solid fuel domestic appliances to Singapore, comprising 65% of total imports. The second position in the ranking was taken by the United States ($X), with an 11% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China amounted to +7.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+6.7% per year) and Taiwan (Chinese) (+29.1% per year).

Import Prices by Country

In 2022, the average metal solid fuel appliances import price amounted to $X per unit, dropping by -17% against the previous year. Over the period under review, the import price, however, posted a mild increase. The pace of growth appeared the most rapid in 2019 an increase of 314%. The import price peaked at $X per unit in 2021, and then dropped sharply in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+4.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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