Singapore: Plastic Ornamental Articles Market 2024

Plastic Ornamental Articles Market Size in Singapore

The Singaporean plastic ornamental articles market dropped to $X in 2022, which is down by -4.7% 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 recorded a perceptible curtailment. Over the period under review, the market reached the maximum level at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Plastic Ornamental Articles Exports

Exports from Singapore

In 2022, overseas shipments of statuettes and other ornamental articles of plastic increased by 27% to X tons, rising for the third consecutive year after two years of decline. Overall, exports, however, recorded a noticeable shrinkage. The pace of growth appeared the most rapid in 2017 with an increase of 115% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, plastic ornamental articles exports surged to $X in 2022. Over the period under review, exports, however, saw a noticeable slump. The pace of growth appeared the most rapid in 2017 with an increase of 144%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Indonesia (X tons), the United States (X tons) and Japan (X tons) were the main destinations of plastic ornamental articles exports from Singapore, together accounting for 48% of total exports. China, Thailand, Hong Kong SAR, Malaysia, Qatar, Australia, the UK, Taiwan (Chinese), South Korea and France lagged somewhat behind, together comprising a further 43%.

From 2012 to 2022, the biggest increases were recorded for Qatar (with a CAGR of +79.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for plastic ornamental articles exported from Singapore were Indonesia ($X), the United States ($X) and Japan ($X), with a combined 47% share of total exports. China, Thailand, Hong Kong SAR, Malaysia, Qatar, Australia, the UK, Taiwan (Chinese), South Korea and France lagged somewhat behind, together comprising a further 43%.

Qatar, with a CAGR of +76.9%, 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 2022, the average plastic ornamental articles export price amounted to $X per ton, increasing by 2.5% against the previous year. In general, the export price, however, saw a slight contraction. The growth pace was the most rapid in 2019 an increase of 16%. As a result, the export price attained the peak level of $X per ton. From 2020 to 2022, the average export prices failed to regain momentum.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Taiwan (Chinese) ($X per ton) and Australia ($X per ton), while the average price for exports to Qatar ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (-0.5%), while the prices for the other major destinations experienced a decline.

Plastic Ornamental Articles Imports

Imports into Singapore

In 2022, approx. X tons of statuettes and other ornamental articles of plastic were imported into Singapore; which is down by -9.8% on the year before. In general, imports continue to indicate a abrupt contraction. The pace of growth was the most pronounced in 2021 with an increase of 19% against the previous year. Imports peaked at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, plastic ornamental articles imports expanded markedly to $X in 2022. Overall, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 35%. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of plastic ornamental articles to Singapore, with a 68% share of total imports. Moreover, plastic ornamental articles imports from China exceeded the figures recorded by the second-largest supplier, Hong Kong SAR (X tons), more than tenfold. Italy (X tons) ranked third in terms of total imports with a 4.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to -6.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+2.0% per year) and Italy (+15.6% per year).

In value terms, China ($X) constituted the largest supplier of statuettes and other ornamental articles of plastic to Singapore, comprising 73% of total imports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 5% share of total imports. It was followed by Italy, with a 4% share.

From 2012 to 2022, the average annual growth rate of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+6.7% per year) and Italy (+20.9% per year).

Import Prices by Country

In 2022, the average plastic ornamental articles import price amounted to $X per ton, jumping by 23% against the previous year. Overall, import price indicated a buoyant expansion from 2012 to 2022: its price increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, plastic ornamental articles import price increased by +87.4% against 2012 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Thailand ($X per ton) and China ($X per ton), while the price for France ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+7.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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