Singapore: Men Knitwear Market 2024

Men Knitwear Market Size in Singapore

The Singaporean men knitwear market contracted to $X in 2022, with a decrease of -13.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market failed to regain momentum.

Men Knitwear Exports

Exports from Singapore

In 2022, approx. X units of men's or boys' clothing (knitted or crocheted) were exported from Singapore; dropping by -10.2% compared with the year before. In general, exports continue to indicate a pronounced slump. The most prominent rate of growth was recorded in 2021 when exports increased by 35% against the previous year. The exports peaked at X units in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, men knitwear exports shrank to $X in 2022. Overall, exports continue to indicate a mild descent. The growth pace was the most rapid in 2015 with an increase of 46% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United States (X units), Malaysia (X units) and Indonesia (X units) were the main destinations of men knitwear exports from Singapore, with a combined 58% share of total exports. The United Arab Emirates, Mexico, India, Hong Kong SAR, New Zealand, Vietnam, the Philippines, China, Japan and the Netherlands lagged somewhat behind, together comprising a further 28%.

From 2012 to 2022, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +67.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for men's or boys' clothing (knitted or crocheted) exports from Singapore, comprising 22% of total exports. The second position in the ranking was taken by Japan ($X), with an 8.8% share of total exports. It was followed by the United Arab Emirates, with an 8.1% share.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to -9.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+18.8% per year) and the United Arab Emirates (+37.3% per year).

Export Prices by Country

The average men knitwear export price stood at $X per unit in 2022, surging by 9.5% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.7%. The most prominent rate of growth was recorded in 2020 an increase of 24%. As a result, the export price reached the peak level of $X per unit. From 2021 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per unit), while the average price for exports to Malaysia ($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 Japan (+19.9%), while the prices for the other major destinations experienced more modest paces of growth.

Men Knitwear Imports

Imports into Singapore

In 2022, imports of men's or boys' clothing (knitted or crocheted) into Singapore fell rapidly to X units, reducing by -19.2% against the year before. In general, imports continue to indicate a perceptible slump. The growth pace was the most rapid in 2016 when imports increased by 26%. As a result, imports reached the peak of X units. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, men knitwear imports rose slightly to $X in 2022. Over the period under review, imports saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 41% against the previous year. Imports peaked at $X in 2015; however, from 2016 to 2022, imports remained at a lower figure.

Imports by Country

China (X units), Bangladesh (X units) and Indonesia (X units) were the main suppliers of men knitwear imports to Singapore, together accounting for 65% of total imports. Malaysia, Vietnam, Jordan, Pakistan, Cambodia, India and Thailand lagged somewhat behind, together accounting for a further 29%.

From 2012 to 2022, the biggest increases were recorded for Jordan (with a CAGR of +64.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest men knitwear suppliers to Singapore were China ($X), Indonesia ($X) and Bangladesh ($X), together accounting for 45% of total imports. Malaysia, Vietnam, Jordan, Pakistan, Cambodia, India and Thailand lagged somewhat behind, together accounting for a further 27%.

Among the main suppliers, Jordan, with a CAGR of +67.1%, saw 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

In 2022, the average men knitwear import price amounted to $X per unit, picking up by 26% against the previous year. Over the period under review, import price indicated a temperate increase from 2012 to 2022: its price increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, men knitwear import price increased by +43.0% against 2018 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cambodia (+6.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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