Singapore: Sugar Crop Market 2024

Sugar Crop Market Size in Singapore

The Singaporean sugar crop market reached $X in 2022, approximately mirroring the previous year. In general, consumption saw a tangible expansion. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market remained at a somewhat lower figure.

Sugar Crop Production in Singapore

In value terms, sugar crop production stood at $X in 2022 estimated in export price. Overall, the total production indicated measured growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by X% against 2020 indices. The pace of growth was the most pronounced in 2018 when the production volume increased by X% against the previous year. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

In 2022, the average sugar crop yield in Singapore stood at less than X kg per ha, standing approx. at the year before. In general, the yield continues to indicate a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. less than X ha of sugar crops were harvested in Singapore; almost unchanged from the previous year. Overall, the harvested area continues to indicate a relatively flat trend pattern.

Sugar Crop Exports

Exports from Singapore

For the third consecutive year, Singapore recorded growth in overseas shipments of sugar crops, which increased by X% to X tons in 2022. In general, exports, however, saw a abrupt contraction. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, sugar crop exports soared to $X in 2022. Overall, exports, however, showed a drastic downturn. The pace of growth appeared the most rapid in 2015 with an increase of X%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Indonesia (X tons) was the main destination for sugar crop exports from Singapore, with a X% share of total exports. Moreover, sugar crop exports to Indonesia exceeded the volume sent to the second major destination, Malaysia (X tons), eightfold.

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

In value terms, Indonesia ($X) emerged as the key foreign market for sugar crops exports from Singapore, comprising X% of total exports. The second position in the ranking was held by Malaysia ($X), with an X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Indonesia amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (X% per year) and Bangladesh (X% per year).

Export Prices by Country

The average sugar crop export price stood at $X per ton in 2022, shrinking by X% against the previous year. Over the period under review, the export price, however, recorded notable growth. The most prominent rate of growth was recorded in 2013 an increase of X% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

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

Sugar Crop Imports

Imports into Singapore

After two years of decline, purchases abroad of sugar crops increased by X% to X tons in 2022. Over the period under review, imports, however, saw a pronounced curtailment. Imports peaked at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, sugar crop imports reached $X in 2022. The total import value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Malaysia (X tons) was the main supplier of sugar crop to Singapore, accounting for a X% share of total imports. Moreover, sugar crop imports from Malaysia exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from Malaysia stood at X%.

In value terms, Malaysia ($X) constituted the largest supplier of sugar crops to Singapore, comprising X% of total imports. The second position in the ranking was held by Vietnam ($X), with a X% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Malaysia amounted to X%.

Import Prices by Country

The average sugar crop import price stood at $X per ton in 2022, falling by X% against the previous year. In general, import price indicated a strong expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sugar crop import price increased by X% against 2016 indices. The growth pace was the most rapid in 2021 an increase of X% against the previous year. As a result, import price attained the peak level of $X per ton, and then contracted in the following year.

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 Vietnam ($X per ton), while the price for Malaysia amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (X%).

Source: IndexBox Platform

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