Singapore: Iron Household Articles Market 2024

Iron Household Articles Market Size in Singapore

The Singaporean iron household articles market was estimated at $X in 2021, approximately equating 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). In general, consumption, however, posted a strong increase. Iron household articles consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Iron Household Articles Exports

Exports from Singapore

In 2021, shipments abroad of table, kitchen or household articles and parts of iron was finally on the rise to reach X tons after four years of decline. Overall, exports, however, continue to indicate a abrupt contraction. Over the period under review, the exports attained the maximum at X tons in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, iron household articles exports surged to $X in 2021. In general, exports, however, showed a deep contraction. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

Indonesia (X tons), Malaysia (X tons) and the United States (X tons) were the main destinations of iron household articles exports from Singapore, together accounting for 59% of total exports. These countries were followed by Hong Kong SAR, China, the United Arab Emirates, Thailand, India, Taiwan (Chinese), Brunei Darussalam, Maldives, Oman and the Philippines, which together accounted for a further 30%.

From 2012 to 2021, the biggest increases were recorded for Oman (with a CAGR of +73.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Malaysia ($X) and the United States ($X) appeared to be the largest markets for iron household articles exported from Singapore worldwide, together comprising 61% of total exports. These countries were followed by Hong Kong SAR, China, the United Arab Emirates, Thailand, India, Taiwan (Chinese), Brunei Darussalam, Maldives, the Philippines and Oman, which together accounted for a further 28%.

In terms of the main countries of destination, Oman, with a CAGR of +68.6%, saw the highest rates of growth with regard to 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 2021, the average iron household articles export price amounted to $X per ton, therefore, remained relatively stable against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.7%. The most prominent rate of growth was recorded in 2020 an increase of 18%. As a result, the export price reached the peak level of $X per ton, leveling off in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Brunei Darussalam (+2.0%), while the prices for the other major destinations experienced more modest paces of growth.

Iron Household Articles Imports

Imports into Singapore

Iron household articles imports into Singapore declined modestly to X tons in 2021, with a decrease of -4.2% compared with 2020 figures. Over the period under review, total imports indicated strong growth from 2012 to 2021: its volume increased at an average annual rate of +6.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -27.9% against 2019 indices. The pace of growth appeared the most rapid in 2013 when imports increased by 36% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, iron household articles imports rose remarkably to $X in 2021. In general, total imports indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +8.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -13.1% against 2019 indices. The growth pace was the most rapid in 2013 when imports increased by 37% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), Malaysia (X tons) and Japan (X tons) were the main suppliers of iron household articles imports to Singapore, with a combined 82% 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 Malaysia (with a CAGR of +28.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest iron household articles suppliers to Singapore were China ($X), Malaysia ($X) and Japan ($X), together comprising 82% of total imports.

Among the main suppliers, Malaysia, with a CAGR of +30.4%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average iron household articles import price stood at $X per ton in 2021, rising by 15% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.3%. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were India ($X per ton) and Indonesia ($X per ton), while the price for Taiwan (Chinese) ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+1.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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