Singapore: Preserved Mackerel Market 2024

Preserved Mackerel Market Size in Singapore

The Singaporean preserved mackerel market fell rapidly to $X in 2021, waning by -70.4% against the previous year. Over the period under review, consumption faced a abrupt setback. As a result, consumption reached the peak level of $X, and then dropped notably in the following year.

Preserved Mackerel Production in Singapore

In value terms, preserved mackerel production stood at $X in 2021 estimated in export price. Overall, production faced a precipitous descent. The pace of growth appeared the most rapid in 2016 when the production volume increased by 1,200% against the previous year. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

Preserved Mackerel Exports

Exports from Singapore

In 2021, overseas shipments of mackerel (prepared or preserved) increased by 37% to X tons, rising for the third consecutive year after two years of decline. In general, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when exports increased by 101%. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, preserved mackerel exports soared to $X in 2021. Over the period under review, exports, however, recorded a perceptible slump. The most prominent rate of growth was recorded in 2019 when exports increased by 139%. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Indonesia (X tons) was the main destination for preserved mackerel exports from Singapore, accounting for a 68% share of total exports. Moreover, preserved mackerel exports to Indonesia exceeded the volume sent to the second major destination, Malaysia (X tons), threefold. Ghana (X tons) ranked third in terms of total exports with a 3% share.

From 2012 to 2021, the average annual growth rate of volume to Indonesia amounted to +5.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-8.4% per year) and Ghana (+0.0% per year).

In value terms, the largest markets for preserved mackerel exported from Singapore were Indonesia ($X), Malaysia ($X) and Vanuatu ($X), with a combined 99% share of total exports. These countries were followed by Ghana, which accounted for a further 1.1%.

Among the main countries of destination, Ghana, with a CAGR of +11.6%, recorded the highest rates of growth with regard to the value of exports, 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 preserved mackerel export price amounted to $X per ton, shrinking by -2.9% against the previous year. Overall, the export price showed a pronounced downturn. The most prominent rate of growth was recorded in 2019 an increase of 19% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the average price for exports to Ghana ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Ghana (+11.6%), while the prices for the other major destinations experienced mixed trend patterns.

Preserved Mackerel Imports

Imports into Singapore

After two years of growth, supplies from abroad of mackerel (prepared or preserved) decreased by -38% to X tons in 2021. In general, imports continue to indicate a noticeable reduction. The pace of growth was the most pronounced in 2020 with an increase of 112% against the previous year. As a result, imports reached the peak of X tons, and then reduced markedly in the following year.

In value terms, preserved mackerel imports shrank remarkably to $X in 2021. Overall, imports showed a drastic downturn. The pace of growth appeared the most rapid in 2020 with an increase of 115% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), Chile (X tons) and Malaysia (X tons) were the main suppliers of preserved mackerel imports to Singapore, with a combined 96% share of total imports.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +4.8%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Chile ($X), China ($X) and Malaysia ($X) were the largest preserved mackerel suppliers to Singapore, together accounting for 87% of total imports.

China, with a CAGR of +6.1%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average preserved mackerel import price stood at $X per ton in 2021, growing by 9.5% against the previous year. In general, the import price, however, continues to indicate a mild shrinkage. The pace of growth appeared the most rapid in 2019 when the average import price increased by 15% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Malaysia ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+1.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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