Singapore: Market for Machine Tools For Working Metal 2024

Market Size for Machine Tools For Working Metal in Singapore

The Singaporean machine-tool for working metal market surged to $X in 2021, rising by 76% against the previous year. In general, consumption saw a significant expansion. As a result, consumption reached the peak level of $X. From 2020 to 2021, the growth of the market remained at a somewhat lower figure.

Production of Machine Tools For Working Metal in Singapore

In value terms, machine-tool for working metal production soared to $X in 2021 estimated in export price. Over the period under review, production saw strong growth. The most prominent rate of growth was recorded in 2019 when the production volume increased by 190% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2021, production growth failed to regain momentum.

Exports of Machine Tools For Working Metal

Exports from Singapore

In 2021, overseas shipments of machine tools for working metal were finally on the rise to reach X units after two years of decline. Overall, exports, however, recorded a noticeable contraction. The growth pace was the most rapid in 2016 when exports increased by 51% against the previous year. The exports peaked at X units in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, machine-tool for working metal exports surged to $X in 2021. Over the period under review, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when exports increased by 73%. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

Malaysia (X units) was the main destination for machine-tool for working metal exports from Singapore, with a 47% share of total exports. Moreover, machine-tool for working metal exports to Malaysia exceeded the volume sent to the second major destination, Indonesia (X units), twofold. China (X units) ranked third in terms of total exports with an 8% share.

From 2012 to 2021, the average annual growth rate of volume to Malaysia totaled -8.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-1.0% per year) and China (-5.6% per year).

In value terms, Indonesia ($X), China ($X) and Malaysia ($X) were the largest markets for machine-tool for working metal exported from Singapore worldwide, with a combined 49% share of total exports. These countries were followed by India, the Philippines and Thailand, which together accounted for a further 6.8%.

India, with a CAGR of +4.6%, 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

The average machine-tool for working metal export price stood at $X per unit in 2021, rising by 23% against the previous year. Over the period under review, export price indicated a pronounced expansion from 2012 to 2021: its price increased at an average annual rate of +4.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, machine-tool for working metal export price decreased by -11.6% against 2019 indices. The most prominent rate of growth was recorded in 2019 an increase of 47% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2020 to 2021, the average export prices remained at a somewhat lower figure.

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 China (+7.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Machine Tools For Working Metal

Imports into Singapore

In 2021, the amount of machine tools for working metal imported into Singapore skyrocketed to X units, picking up by 56% compared with the previous year's figure. Overall, imports posted resilient growth. The most prominent rate of growth was recorded in 2018 with an increase of 62% against the previous year. As a result, imports reached the peak of X units. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, machine-tool for working metal imports soared to $X in 2021. In general, imports, however, showed a pronounced contraction. The pace of growth appeared the most rapid in 2013 with an increase of 54% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Malaysia (X units), China (X units) and the United States (X units) were the main suppliers of machine-tool for working metal imports to Singapore, together accounting for 86% of total imports.

From 2012 to 2021, the biggest increases were recorded for Malaysia (with a CAGR of +38.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X) constituted the largest supplier of machine tools for working metal to Singapore, comprising 41% of total imports. The second position in the ranking was held by China ($X), with an 11% share of total imports. It was followed by Japan, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Malaysia stood at +3.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-3.1% per year) and Japan (-8.2% per year).

Import Prices by Country

The average machine-tool for working metal import price stood at $X per unit in 2021, falling by -9.4% against the previous year. In general, the import price saw a deep downturn. The most prominent rate of growth was recorded in 2013 an increase of 7.8%. As a result, import price reached the peak level of $X per unit. From 2014 to 2021, the average import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+4.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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