Singapore: Spectacles And Goggles Market 2024

Spectacles And Goggles Market Size in Singapore

The Singaporean spectacles and goggles market expanded to $X in 2021, surging by 4.3% 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). Overall, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Spectacles And Goggles Exports

Exports from Singapore

In 2021, approx. X units of spectacles and goggles were exported from Singapore; waning by -45.5% on 2020. In general, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when exports increased by 81% against the previous year. As a result, the exports reached the peak of X units, and then declined sharply in the following year.

In value terms, spectacles and goggles exports contracted notably to $X in 2021. Over the period under review, exports continue to indicate a perceptible reduction. The pace of growth was the most pronounced in 2020 with an increase of 43% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

Malaysia (X units), Indonesia (X units) and Vietnam (X units) were the main destinations of spectacles and goggles exports from Singapore, with a combined 66% share of total exports. These countries were followed by Thailand, Australia, Russia, the Philippines, South Korea, China and Japan, which together accounted for a further 23%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Russia (with a CAGR of +25.9%), while the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Malaysia ($X) and Vietnam ($X) constituted the largest markets for spectacles and goggles exported from Singapore worldwide, together comprising 59% of total exports. Thailand, Australia, the Philippines, South Korea, China, Japan and Russia lagged somewhat behind, together comprising a further 24%.

Among the main countries of destination, Russia, with a CAGR of +14.7%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average spectacles and goggles export price stood at $X per unit in 2021, increasing by 5.5% against the previous year. In general, the export price, however, recorded a pronounced decline. The most prominent rate of growth was recorded in 2015 when the average export price increased by 28% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2016 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per unit), while the average price for exports to Russia ($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 (+14.2%), while the prices for the other major destinations experienced more modest paces of growth.

Spectacles And Goggles Imports

Imports into Singapore

In 2021, after two years of growth, there was significant decline in purchases abroad of spectacles and goggles, when their volume decreased by -24.1% to X units. In general, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2015 when imports increased by 42%. As a result, imports reached the peak of X units. From 2016 to 2021, the growth of imports failed to regain momentum.

In value terms, spectacles and goggles imports fell significantly to $X in 2021. Overall, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when imports increased by 56% against the previous year. As a result, imports attained the peak of $X, and then shrank remarkably in the following year.

Imports by Country

Taiwan (Chinese) (X units), China (X units) and Japan (X units) were the main suppliers of spectacles and goggles imports to Singapore, with a combined 95% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Taiwan (Chinese) (with a CAGR of +6.8%), while imports for the other leaders experienced a decline.

In value terms, the largest spectacles and goggles suppliers to Singapore were China ($X), Taiwan (Chinese) ($X) and the United States ($X), together accounting for 80% of total imports.

Taiwan (Chinese), with a CAGR of +9.2%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2021, the average spectacles and goggles import price amounted to $X per unit, falling by -6.1% against the previous year. In general, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average import price increased by 32%. Over the period under review, average import prices hit record highs at $X per unit in 2020, and then contracted in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United States ($X per unit), while the price for Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+22.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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