Singapore: Lime Market 2024

Lime Market Size in Singapore

The Singaporean lime market surged to $X in 2021, with an increase of 34% 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). Over the period under review, consumption, however, continues to indicate a slight downturn. Lime consumption peaked at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Lime Exports

Exports from Singapore

In 2021, approx. X tons of quicklime, slaked lime and hydraulic lime were exported from Singapore; growing by 94% against the previous year's figure. Overall, exports enjoyed a significant increase. The growth pace was the most rapid in 2020 when exports increased by 163%. The exports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, lime exports skyrocketed to $X in 2021. Over the period under review, exports posted a significant increase. The growth pace was the most rapid in 2020 when exports increased by 244% against the previous year. The exports peaked in 2021 and are likely to continue growth in years to come.

Exports by Country

China (X tons) was the main destination for lime exports from Singapore, accounting for a 87% share of total exports. Moreover, lime exports to China exceeded the volume sent to the second major destination, Indonesia (X tons), eightfold. The third position in this ranking was held by Russia (X tons), with a 0.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China amounted to +100.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+22.6% per year) and Russia (-3.1% per year).

In value terms, China ($X) remains the key foreign market for quicklime, slaked lime and hydraulic lime exports from Singapore, comprising 92% of total exports. The second position in the ranking was held by Indonesia ($X), with a 4.5% share of total exports. It was followed by Russia, with a 1.3% share.

From 2012 to 2021, the average annual growth rate of value to China amounted to +77.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+7.2% per year) and Russia (-12.0% per year).

Export Prices by Country

The average lime export price stood at $X per ton in 2021, picking up by 1.5% against the previous year. Over the period under review, the export price, however, continues to indicate a deep slump. The pace of growth appeared the most rapid in 2013 an increase of 33%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Russia ($X per ton), while the average price for exports to Indonesia ($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 Papua New Guinea (-0.6%), while the prices for the other major destinations experienced a decline.

Lime Imports

Imports into Singapore

In 2021, overseas purchases of quicklime, slaked lime and hydraulic lime were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports, however, recorded a noticeable slump. Imports peaked at X tons in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, lime imports soared to $X in 2021. Overall, total imports indicated a slight expansion from 2012 to 2021: its value increased at an average annual rate of +1.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, imports reached the peak figure at $X in 2015; however, from 2016 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Malaysia (X tons) constituted the largest lime supplier to Singapore, accounting for a 61% share of total imports. Moreover, lime imports from Malaysia exceeded the figures recorded by the second-largest supplier, the UK (X tons), fourfold. The third position in this ranking was taken by the United Arab Emirates (X tons), with a 14% share.

From 2012 to 2021, the average annual growth rate of volume from Malaysia was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+6.4% per year) and the United Arab Emirates (-7.0% per year).

In value terms, the largest lime suppliers to Singapore were Malaysia ($X), the UK ($X) and the United Arab Emirates ($X), together accounting for 91% of total imports. These countries were followed by Oman and Vietnam, which together accounted for a further 3.3%.

Oman, with a CAGR of +1,417.4%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average lime import price amounted to $X per ton, growing by 14% against the previous year. Overall, import price indicated a buoyant expansion from 2012 to 2021: its price increased at an average annual rate of +5.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, lime import price decreased by -3.7% against 2019 indices. The most prominent rate of growth was recorded in 2017 an increase of 27%. Over the period under review, average import prices hit record highs at $X per ton in 2019; however, from 2020 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the UK ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the UK (+6.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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