Singapore: Sodium Nitrate Market 2024

Sodium Nitrate Market Size in Singapore

The Singaporean sodium nitrate market fell rapidly to $X in 2022, waning by -75% against the previous year. Over the period under review, consumption showed a pronounced decline. Sodium nitrate consumption peaked at $X in 2021, and then declined dramatically in the following year.

Sodium Nitrate Production in Singapore

In value terms, sodium nitrate production contracted slightly to $X in 2022 estimated in export price. Over the period under review, production, however, saw a significant expansion. The pace of growth appeared the most rapid in 2019 when the production volume increased by 48,622,300%. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Sodium Nitrate Exports

Exports from Singapore

In 2022, overseas shipments of sodium nitrate were finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports enjoyed a significant increase. The pace of growth appeared the most rapid in 2019 when exports increased by 3,786%. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, sodium nitrate exports skyrocketed to $X in 2022. In general, exports enjoyed a significant expansion. The pace of growth was the most pronounced in 2019 with an increase of 1,577%. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Malaysia (X tons) was the main destination for sodium nitrate exports from Singapore, with a 95% share of total exports. Moreover, sodium nitrate exports to Malaysia exceeded the volume sent to the second major destination, Indonesia (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Malaysia totaled +72.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+47.0% per year) and India (-24.6% per year).

In value terms, Malaysia ($X) remains the key foreign market for sodium nitrate exports from Singapore, comprising 76% of total exports. The second position in the ranking was held by Indonesia ($X), with a 12% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Malaysia amounted to +55.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+55.3% per year) and India (-19.0% per year).

Export Prices by Country

In 2022, the average sodium nitrate export price amounted to $X per ton, falling by -25.1% against the previous year. In general, the export price recorded a deep slump. The most prominent rate of growth was recorded in 2021 when the average export price increased by 37%. The export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to India (+7.4%), while the prices for the other major destinations experienced mixed trend patterns.

Sodium Nitrate Imports

Imports into Singapore

In 2022, supplies from abroad of sodium nitrate decreased by -9.3% to X tons, falling for the third year in a row after two years of growth. In general, imports showed a perceptible setback. The pace of growth appeared the most rapid in 2015 when imports increased by 282% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, sodium nitrate imports shrank modestly to $X in 2022. Overall, imports recorded a slight reduction. The pace of growth appeared the most rapid in 2018 when imports increased by 291% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Germany (X tons) was the main supplier of sodium nitrate to Singapore, with a 94% share of total imports. Moreover, sodium nitrate imports from Germany exceeded the figures recorded by the second-largest supplier, the United States (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from Germany totaled -1.9%.

In value terms, Germany ($X) constituted the largest supplier of sodium nitrate to Singapore, comprising 80% of total imports. The second position in the ranking was taken by the United States ($X), with a 17% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany was relatively modest.

Import Prices by Country

In 2022, the average sodium nitrate import price amounted to $X per ton, increasing by 7.7% against the previous year. In general, the import price showed modest growth. The growth pace was the most rapid in 2014 an increase of 129% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Germany stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+5.2%).

Source: IndexBox Platform

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