Singapore: Market for Machine-Tools For Working Any Material By Removal Of Material 2024

Market Size for Machine-Tools For Working Any Material By Removal Of Material in Singapore

The Singaporean machine-tool for removing material market contracted dramatically to $X in 2021, waning by -17.5% against the previous year. Over the period under review, consumption, however, continues to indicate a noticeable increase. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market failed to regain momentum.

Production of Machine-Tools For Working Any Material By Removal Of Material in Singapore

In value terms, machine-tool for removing material production reached $X in 2021 estimated in export price. Over the period under review, production saw a buoyant increase. The growth pace was the most rapid in 2017 with an increase of 192% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2021, production growth remained at a somewhat lower figure.

Exports of Machine-Tools For Working Any Material By Removal Of Material

Exports from Singapore

In 2021, approx. X units of machine-tools for working any material by removal of material were exported from Singapore; growing by 32% compared with the previous year. Overall, exports continue to indicate a prominent increase. The pace of growth was the most pronounced in 2018 when exports increased by 60% against the previous year. The exports peaked in 2021 and are expected to retain growth in years to come.

In value terms, machine-tool for removing material exports soared to $X in 2021. In general, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by 85% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Malaysia (X units) was the main destination for machine-tool for removing material exports from Singapore, accounting for a 47% share of total exports. Moreover, machine-tool for removing material exports to Malaysia exceeded the volume sent to the second major destination, the Philippines (X units), fourfold. The third position in this ranking was held by Taiwan (Chinese) (X units), with an 11% share.

From 2012 to 2021, the average annual growth rate of volume to Malaysia stood at +15.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (+40.7% per year) and Taiwan (Chinese) (+39.1% per year).

In value terms, the largest markets for machine-tool for removing material exported from Singapore were China ($X), Taiwan (Chinese) ($X) and South Korea ($X), with a combined 67% share of total exports.

Taiwan (Chinese), with a CAGR of +34.6%, saw the highest growth rate of 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

In 2021, the average machine-tool for removing material export price amounted to $X per unit, rising by 2.8% against the previous year. Over the period under review, the export price, however, continues to indicate a abrupt slump. The most prominent rate of growth was recorded in 2017 an increase of 50%. As a result, the export price reached the peak level of $X per unit. From 2018 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to Malaysia ($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 Hong Kong SAR (+3.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Machine-Tools For Working Any Material By Removal Of Material

Imports into Singapore

For the third consecutive year, Singapore recorded growth in purchases abroad of machine-tools for working any material by removal of material, which increased by 7.4% to X units in 2021. Over the period under review, imports, however, saw a abrupt slump. The growth pace was the most rapid in 2017 when imports increased by 24%. Over the period under review, imports reached the maximum at X units in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, machine-tool for removing material imports expanded significantly to $X in 2021. Overall, imports, however, showed a abrupt decline. The most prominent rate of growth was recorded in 2017 when imports increased by 82%. As a result, imports reached the peak of $X. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest machine-tool for removing material supplier to Singapore, accounting for a 51% share of total imports. Moreover, machine-tool for removing material imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), threefold. The third position in this ranking was taken by Malaysia (X units), with a 9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +2.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-16.8% per year) and Malaysia (+11.9% per year).

In value terms, China ($X), Germany ($X) and Japan ($X) were the largest machine-tool for removing material suppliers to Singapore, with a combined 57% share of total imports. These countries were followed by the United States, the UK, Malaysia and Taiwan (Chinese), which together accounted for a further 20%.

In terms of the main suppliers, Malaysia, with a CAGR of +9.2%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2021, the average machine-tool for removing material import price amounted to $X per unit, flattening at the previous year. In general, the import price, however, showed mild growth. The pace of growth was the most pronounced in 2014 an increase of 53%. Over the period under review, average import prices reached the peak figure at $X per unit in 2017; however, from 2018 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+9.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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