Singapore: Hide Repairing Machinery Market 2024

Hide Repairing Machinery Market Size in Singapore

In 2022, the Singaporean hide repairing machinery market decreased by -4.1% to $X, falling for the second consecutive year after three years of growth. In general, consumption, however, saw prominent growth. Hide repairing machinery consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Hide Repairing Machinery Production in Singapore

In value terms, hide repairing machinery production declined modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.2% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The growth pace was the most rapid in 2013 with an increase of 8% against the previous year. Hide repairing machinery production peaked at $X in 2018; afterwards, it flattened through to 2022.

Hide Repairing Machinery Exports

Exports from Singapore

In 2022, approx. X units of machinery for making or repairing articles of hides, skins or leather were exported from Singapore; with an increase of 16% compared with 2021. Overall, exports, however, showed a deep contraction. The pace of growth appeared the most rapid in 2017 with an increase of 426%. Over the period under review, the exports reached the peak figure at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, hide repairing machinery exports skyrocketed to $X in 2022. In general, exports, however, recorded a abrupt slump. The pace of growth appeared the most rapid in 2017 when exports increased by 491% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Indonesia (X units), Bangladesh (X units) and Malaysia (X units) were the main destinations of hide repairing machinery exports from Singapore, together accounting for 99.9% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Bangladesh (with a CAGR of +15.8%), while the other leaders experienced mixed trend patterns.

In value terms, Indonesia ($X), Bangladesh ($X) and Malaysia ($X) appeared to be the largest markets for hide repairing machinery exported from Singapore worldwide.

Bangladesh, with a CAGR of +24.5%, 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 mixed trend patterns.

Export Prices by Country

The average hide repairing machinery export price stood at $X per unit in 2022, rising by 3.9% against the previous year. Over the period under review, export price indicated a pronounced 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, hide repairing machinery export price decreased by -19.4% against 2019 indices. The pace of growth appeared the most rapid in 2013 when the average export price increased by 32% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Bangladesh ($X per unit), while the average price for exports to Malaysia ($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 Mauritius (+31.2%), while the prices for the other major destinations experienced more modest paces of growth.

Hide Repairing Machinery Imports

Imports into Singapore

In 2022, overseas purchases of machinery for making or repairing articles of hides, skins or leather decreased by -11.1% to X units, falling for the second year in a row after two years of growth. In general, imports, however, posted resilient growth. The most prominent rate of growth was recorded in 2013 when imports increased by 592% against the previous year. Over the period under review, imports attained the peak figure at X units in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, hide repairing machinery imports reduced to $X in 2022. Over the period under review, imports, however, enjoyed a buoyant expansion. The pace of growth appeared the most rapid in 2013 with an increase of 591% against the previous year. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

France (X units), the United States (X units) and Malaysia (X units) were the main suppliers of hide repairing machinery imports to Singapore, with a combined 83% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Malaysia (with a CAGR of +14.9%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest hide repairing machinery suppliers to Singapore were France ($X), the United States ($X) and Malaysia ($X), together accounting for 80% of total imports.

In terms of the main suppliers, the United States, with a CAGR of +51.3%, recorded the highest rates of growth with regard to 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

The average hide repairing machinery import price stood at $X per unit in 2022, increasing by 4.5% against the previous year. Over the period under review, import price indicated a noticeable increase from 2012 to 2022: its price increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, hide repairing machinery import price increased by +29.9% against 2020 indices. The most prominent rate of growth was recorded in 2018 when the average import price increased by 31% against the previous year. As a result, import price reached the peak level of $X per unit. From 2019 to 2022, the average import prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Japan ($X per unit) and China ($X per unit), while the price for Malaysia ($X per unit) and France ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+2.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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