Singapore: Multimeter Market 2024

Multimeter Market Size in Singapore

The Singaporean multimeter market soared to $X in 2022, with an increase of 41% against the previous year. Overall, consumption continues to indicate a buoyant increase. Multimeter consumption peaked in 2022 and is likely to see gradual growth in years to come.

Multimeter Production in Singapore

In value terms, multimeter production reduced to $X in 2022 estimated in export price. In general, production, however, saw a prominent expansion. The growth pace was the most rapid in 2019 when the production volume increased by 615%. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Multimeter Exports

Exports from Singapore

Multimeter exports from Singapore dropped markedly to X units in 2022, falling by -31.8% compared with 2021 figures. Over the period under review, exports, however, posted prominent growth. The growth pace was the most rapid in 2019 when exports increased by 124% against the previous year. As a result, the exports attained the peak of X units. From 2020 to 2022, the growth of the exports failed to regain momentum.

In value terms, multimeter exports totaled $X in 2022. Overall, exports, however, recorded a significant increase. The growth pace was the most rapid in 2013 when exports increased by 103% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units) was the main destination for multimeter exports from Singapore, accounting for a 45% share of total exports. Moreover, multimeter exports to the United States exceeded the volume sent to the second major destination, Indonesia (X units), fourfold. The third position in this ranking was held by Malaysia (X units), with an 8.8% share.

From 2012 to 2022, the average annual growth rate of volume to the United States amounted to +44.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+0.8% per year) and Malaysia (+0.6% per year).

In value terms, the United States ($X) remains the key foreign market for multimeters exports from Singapore, comprising 49% of total exports. The second position in the ranking was held by Indonesia ($X), with a 9.1% share of total exports. It was followed by Malaysia, with a 7.8% share.

From 2012 to 2022, the average annual growth rate of value to the United States totaled +53.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+5.5% per year) and Malaysia (+5.4% per year).

Export Prices by Country

The average multimeter export price stood at $X per unit in 2022, picking up by 48% against the previous year. In general, export price indicated a buoyant expansion from 2012 to 2022: its price increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, multimeter export price increased by +101.3% against 2020 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Vietnam ($X per unit) and the Philippines ($X per unit), while the average price for exports to Japan ($X per unit) and India ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+7.2%), while the prices for the other major destinations experienced more modest paces of growth.

Multimeter Imports

Imports into Singapore

Multimeter imports into Singapore fell to X units in 2022, dropping by -14.5% against the previous year. In general, imports, however, saw a resilient expansion. The most prominent rate of growth was recorded in 2015 with an increase of 77%. Over the period under review, imports reached the maximum at X units in 2021, and then declined in the following year.

In value terms, multimeter imports expanded significantly to $X in 2022. Over the period under review, imports, however, enjoyed resilient growth. The most prominent rate of growth was recorded in 2021 with an increase of 49%. Imports peaked in 2022 and are likely to continue growth in the near future.

Imports by Country

In 2022, Malaysia (X units) constituted the largest supplier of multimeter to Singapore, with a 56% share of total imports. Moreover, multimeter imports from Malaysia exceeded the figures recorded by the second-largest supplier, China (X units), fourfold. The United States (X units) ranked third in terms of total imports with a 7.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Malaysia stood at +32.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+11.6% per year) and the United States (+0.9% per year).

In value terms, Malaysia ($X) constituted the largest supplier of multimeters to Singapore, comprising 56% of total imports. The second position in the ranking was held by China ($X), with a 16% share of total imports. It was followed by the United States, with a 7.3% share.

From 2012 to 2022, the average annual growth rate of value from Malaysia amounted to +36.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+15.4% per year) and the United States (+4.3% per year).

Import Prices by Country

The average multimeter import price stood at $X per unit in 2022, picking up by 34% 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 +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, multimeter import price increased by +95.8% against 2016 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Indonesia ($X per unit) and Italy ($X per unit), while the price for China ($X per unit) and the United States ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+3.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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