Singapore: Spectacle Non-Plastic Frame Market 2024

Spectacle Non-Plastic Frame Market Size in Singapore

In 2021, the Singaporean spectacle non-plastic frame market was finally on the rise to reach $X after two years of decline. Over the period under review, consumption, however, showed a pronounced contraction. Spectacle non-plastic frame consumption peaked at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Spectacle Non-Plastic Frame Exports

Exports from Singapore

In 2021, the amount of non-plastic frames and mountings for spectacles and goggles exported from Singapore declined to X units, with a decrease of -13.8% against the year before. Overall, exports continue to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2017 when exports increased by 358%. Over the period under review, the exports reached the maximum at X units in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, spectacle non-plastic frame exports fell markedly to $X in 2021. In general, exports showed a deep slump. The pace of growth was the most pronounced in 2017 with an increase of 344%. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Indonesia (X units) was the main destination for spectacle non-plastic frame exports from Singapore, accounting for a 25% share of total exports. Moreover, spectacle non-plastic frame exports to Indonesia exceeded the volume sent to the second major destination, Malaysia (X units), twofold. Canada (X units) ranked third in terms of total exports with a 9.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Indonesia stood at -16.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-13.4% per year) and Canada (+72.3% per year).

In value terms, the largest markets for spectacle non-plastic frame exported from Singapore were Indonesia ($X), Malaysia ($X) and the Philippines ($X), together accounting for 55% of total exports. South Korea, Canada, Costa Rica, Vietnam, Hong Kong SAR, Japan, the United States, Italy, Argentina and Colombia lagged somewhat behind, together accounting for a further 32%.

Costa Rica, with a CAGR of +92.6%, recorded 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

In 2021, the average spectacle non-plastic frame export price amounted to $X per unit, declining by -16.8% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 an increase of 28%. The export price peaked at $X per unit in 2020, and then fell significantly in the following year.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was the Philippines ($X per unit), while the average price for exports to Argentina ($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 the Philippines (+18.4%), while the prices for the other major destinations experienced more modest paces of growth.

Spectacle Non-Plastic Frame Imports

Imports into Singapore

In 2021, overseas purchases of non-plastic frames and mountings for spectacles and goggles were finally on the rise to reach X units for the first time since 2016, thus ending a four-year declining trend. Overall, imports, however, showed a noticeable downturn. The most prominent rate of growth was recorded in 2013 when imports increased by 65% against the previous year. As a result, imports attained the peak of X units. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, spectacle non-plastic frame imports skyrocketed to $X in 2021. Over the period under review, imports, however, continue to indicate a abrupt slump. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X units) constituted the largest spectacle non-plastic frame supplier to Singapore, with a 51% share of total imports. Moreover, spectacle non-plastic frame imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X units), sixfold. India (X units) ranked third in terms of total imports with a 6.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to -3.7%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+1.7% per year) and India (+108.7% per year).

In value terms, China ($X) constituted the largest supplier of non-plastic frames and mountings for spectacles and goggles to Singapore, comprising 29% of total imports. The second position in the ranking was held by Japan ($X), with a 12% share of total imports. It was followed by Italy, with a 12% share.

From 2012 to 2021, the average annual growth rate of value from China totaled -6.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-3.6% per year) and Italy (-7.9% per year).

Import Prices by Country

In 2021, the average spectacle non-plastic frame import price amounted to $X per unit, jumping by 18% against the previous year. Over the period under review, the import price, however, recorded a pronounced shrinkage. The growth pace was the most rapid in 2020 when the average import price increased by 20%. Over the period under review, average import prices attained the maximum at $X per unit in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was Italy ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+13.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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