Singapore: T-Shirt Market 2024

T-Shirt Market Size in Singapore

The Singaporean t-shirt market totaled $X in 2022, surging by 1.5% against the previous year. In general, consumption, however, continues to indicate a relatively flat trend pattern. T-shirt consumption peaked at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

T-Shirt Production in Singapore

In value terms, t-shirt production contracted significantly to $X in 2022 estimated in export price. Over the period under review, production, however, enjoyed a significant increase. Over the period under review, production attained the peak level at $X in 2021, and then reduced sharply in the following year.

T-Shirt Exports

Exports from Singapore

T-shirt exports from Singapore shrank rapidly to X units in 2022, with a decrease of -39.8% compared with the previous year's figure. Over the period under review, exports, however, showed a resilient increase. The most prominent rate of growth was recorded in 2021 when exports increased by 392% against the previous year. As a result, the exports attained the peak of X units, and then reduced notably in the following year.

In value terms, t-shirt exports fell to $X in 2022. Overall, exports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of 16%. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

Indonesia (X units) was the main destination for t-shirt exports from Singapore, with a 35% share of total exports. Moreover, t-shirt exports to Indonesia exceeded the volume sent to the second major destination, Australia (X units), fourfold. Malaysia (X units) ranked third in terms of total exports with a 6.8% share.

From 2012 to 2022, the average annual growth rate of volume to Indonesia amounted to +22.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+34.4% per year) and Malaysia (+5.6% per year).

In value terms, the largest markets for t-shirt exported from Singapore were Indonesia ($X), Malaysia ($X) and Japan ($X), together comprising 34% of total exports. Australia, Thailand, Vietnam, the Philippines, Hong Kong SAR, the United States, Germany, Mexico, Israel and Brazil lagged somewhat behind, together accounting for a further 44%.

In terms of the main countries of destination, Israel, with a CAGR of +46.6%, recorded 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

In 2022, the average t-shirt export price amounted to $X per unit, rising by 57% against the previous year. Over the period under review, the export price, however, continues to indicate a abrupt curtailment. Over the period under review, the average export prices hit record highs at $X per unit in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per unit), while the average price for exports to Indonesia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+6.2%), while the prices for the other major destinations experienced a decline.

T-Shirt Imports

Imports into Singapore

In 2022, purchases abroad of t-shirts increased by 38% to X units for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports, however, continue to indicate a noticeable shrinkage. Over the period under review, imports reached the peak figure at X units in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, t-shirt imports surged to $X in 2022. Overall, imports, however, saw a pronounced reduction. Over the period under review, imports reached the peak figure at $X in 2015; however, from 2016 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest t-shirt supplier to Singapore, accounting for a 50% share of total imports. Moreover, t-shirt imports from China exceeded the figures recorded by the second-largest supplier, Indonesia (X units), sevenfold. The third position in this ranking was held by Hong Kong SAR (X units), with a 4.3% share.

From 2012 to 2022, the average annual growth rate of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+1.0% per year) and Hong Kong SAR (-17.6% per year).

In value terms, China ($X) constituted the largest supplier of t-shirts to Singapore, comprising 34% of total imports. The second position in the ranking was taken by Indonesia ($X), with a 7.8% share of total imports. It was followed by Hong Kong SAR, with a 4.5% 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: Indonesia (+1.4% per year) and Hong Kong SAR (-16.0% per year).

Import Prices by Country

The average t-shirt import price stood at $X per unit in 2022, with a decrease of -1.9% against the previous year. Over the last decade, it increased at an average annual rate of +1.5%. The most prominent rate of growth was recorded in 2017 an increase of 21% against the previous year. Over the period under review, average import prices attained the peak figure at $X per unit in 2021, and then fell 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 ($X per unit), while the price for India ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+4.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :