Singapore: Sewing Machine Needle Market 2024

Sewing Machine Needle Market Size in Singapore

The Singaporean sewing machine needle market contracted dramatically to $X in 2022, waning by -61% against the previous year. Overall, consumption showed a abrupt setback. Sewing machine needle consumption peaked at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Sewing Machine Needle Production in Singapore

In value terms, sewing machine needle production contracted to $X in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the production volume increased by 5.3%. As a result, production reached the peak level of $X. From 2018 to 2022, production growth failed to regain momentum.

Sewing Machine Needle Exports

Exports from Singapore

In 2022, sewing machine needle exports from Singapore soared to X units, rising by 119% on 2021. In general, exports recorded prominent growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, sewing machine needle exports surged to $X in 2022. Overall, exports saw a prominent increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Hong Kong SAR (X units) was the main destination for sewing machine needle exports from Singapore, accounting for a 27% share of total exports. Moreover, sewing machine needle exports to Hong Kong SAR exceeded the volume sent to the second major destination, Germany (X units), twofold. Indonesia (X units) ranked third in terms of total exports with a 10% share.

From 2012 to 2022, the average annual growth rate of volume to Hong Kong SAR amounted to +3.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+48.4% per year) and Indonesia (+9.2% per year).

In value terms, Hong Kong SAR ($X) remains the key foreign market for sewing machine needles exports from Singapore, comprising 30% of total exports. The second position in the ranking was held by Germany ($X), with a 12% share of total exports. It was followed by Indonesia, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Hong Kong SAR totaled +8.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+54.7% per year) and Indonesia (+13.9% per year).

Export Prices by Country

In 2022, the average sewing machine needle export price amounted to $X per thousand units, rising by 25% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.2%. The pace of growth appeared the most rapid in 2021 when the average export price increased by 37%. Over the period under review, the average export prices hit record highs in 2022 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Cambodia ($X per thousand units), while the average price for exports to the Philippines ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Cambodia (+4.4%), while the prices for the other major destinations experienced more modest paces of growth.

Sewing Machine Needle Imports

Imports into Singapore

In 2022, purchases abroad of sewing machine needles increased by 17% to X units, rising for the second consecutive year after two years of decline. In general, total imports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +38.9% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 18%. Imports peaked in 2022 and are likely to see steady growth in the near future.

In value terms, sewing machine needle imports skyrocketed to $X in 2022. Over the period under review, total imports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +6.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +46.5% against 2020 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Vietnam (X units) constituted the largest supplier of sewing machine needle to Singapore, with a 56% share of total imports. Moreover, sewing machine needle imports from Vietnam exceeded the figures recorded by the second-largest supplier, India (X units), twofold. The third position in this ranking was taken by the Czech Republic (X units), with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Vietnam totaled +28.3%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+1.2% per year) and the Czech Republic (+15.4% per year).

In value terms, Vietnam ($X) constituted the largest supplier of sewing machine needles to Singapore, comprising 55% of total imports. The second position in the ranking was held by India ($X), with a 23% share of total imports. It was followed by the Czech Republic, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Vietnam totaled +29.5%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+2.1% per year) and the Czech Republic (+16.5% per year).

Import Prices by Country

In 2022, the average sewing machine needle import price amounted to $X per thousand units, increasing by 13% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. 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 Japan ($X per thousand units) and Germany ($X per thousand units), while the price for the Czech Republic ($X per thousand units) and India ($X per thousand units) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+1.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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