Singapore: Knitting Machines Market 2024

Knitting Machines Market Size in Singapore

In 2021, the Singaporean knitting machines market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption, however, recorded a abrupt downturn. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Knitting Machines Exports

Exports from Singapore

In 2021, shipments abroad of knitting machineses was finally on the rise to reach X units after five years of decline. In general, exports, however, recorded a abrupt descent. The pace of growth appeared the most rapid in 2014 when exports increased by 147%. Over the period under review, the exports attained the maximum at X units in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, knitting machines exports skyrocketed to $X in 2021. Overall, exports, however, recorded a noticeable reduction. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

India (X units) was the main destination for knitting machines exports from Singapore, accounting for a 68% share of total exports. Moreover, knitting machines exports to India exceeded the volume sent to the second major destination, Vietnam (X units), sixfold. South Africa (X units) ranked third in terms of total exports with a 9.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to India amounted to +14.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-10.7% per year) and South Africa (+28.9% per year).

In value terms, the largest markets for knitting machines exported from Singapore were India ($X), Vietnam ($X) and South Africa ($X), together accounting for 70% of total exports. The Philippines, Japan, Thailand, Malaysia and Indonesia lagged somewhat behind, together comprising a further 22%.

Japan, with a CAGR of +67.4%, saw the highest rates of growth with regard to the value of exports, among 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 knitting machines export price stood at $X per unit in 2021, surging by 36% against the previous year. In general, the export price posted a remarkable increase. The most prominent rate of growth was recorded in 2017 an increase of 200% against the previous year. The export price peaked at $X per unit in 2019; afterwards, it flattened through to 2021.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Malaysia ($X per unit), while the average price for exports to India ($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 Myanmar (+157.3%), while the prices for the other major destinations experienced more modest paces of growth.

Knitting Machines Imports

Imports into Singapore

In 2021, overseas purchases of knitting machineses increased by 170% to X units for the first time since 2015, thus ending a five-year declining trend. In general, imports, however, saw a abrupt slump. Over the period under review, imports hit record highs at X units in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, knitting machines imports soared to $X in 2021. Over the period under review, imports, however, showed a abrupt decline. The pace of growth was the most pronounced in 2018 with an increase of 132% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Japan (X units) constituted the largest supplier of knitting machines to Singapore, with a 53% share of total imports. Moreover, knitting machines imports from Japan exceeded the figures recorded by the second-largest supplier, China (X units), threefold. Thailand (X units) ranked third in terms of total imports with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Japan amounted to -9.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-8.3% per year) and Thailand (+27.3% per year).

In value terms, Japan ($X) constituted the largest supplier of knitting machineses to Singapore, comprising 48% of total imports. The second position in the ranking was taken by China ($X), with a 14% share of total imports. It was followed by Thailand, with a 9.2% share.

From 2012 to 2021, the average annual growth rate of value from Japan totaled -14.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-18.7% per year) and Thailand (+4.7% per year).

Import Prices by Country

In 2021, the average knitting machines import price amounted to $X per unit, waning by -28.3% against the previous year. Over the period under review, the import price saw a abrupt descent. The most prominent rate of growth was recorded in 2018 an increase of 192% against the previous year. The import price peaked at $X per unit in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was the United States ($X per unit), while the price for Vietnam ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+6.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform