Singapore: Unvulcanised Rubber Market 2024

Unvulcanised Rubber Market Size in Singapore

The Singaporean unvulcanised rubber market rose significantly to $X in 2021, with an increase of 12% against the previous year. Overall, consumption saw a relatively flat trend pattern. Unvulcanised rubber consumption peaked at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Unvulcanised Rubber Production in Singapore

In value terms, unvulcanised rubber production expanded markedly to $X in 2021 estimated in export price. In general, production showed measured growth. The most prominent rate of growth was recorded in 2017 with an increase of 61% against the previous year. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Unvulcanised Rubber Exports

Exports from Singapore

In 2021, the amount of unvulcanised rubber exported from Singapore fell slightly to X tons, which is down by -2.2% against the previous year. Over the period under review, exports, however, enjoyed a moderate expansion. The pace of growth appeared the most rapid in 2014 with an increase of 223%. The exports peaked at X tons in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, unvulcanised rubber exports rose notably to $X in 2021. Overall, exports, however, showed a buoyant expansion. The pace of growth appeared the most rapid in 2014 when exports increased by 131% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for unvulcanised rubber exports from Singapore, with a 63% share of total exports. Moreover, unvulcanised rubber exports to China exceeded the volume sent to the second major destination, Hong Kong SAR (X tons), sixfold. The third position in this ranking was taken by Taiwan (Chinese) (X tons), with a 6.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China amounted to +7.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+8.8% per year) and Taiwan (Chinese) (+21.4% per year).

In value terms, China ($X) remains the key foreign market for unvulcanised rubber exports from Singapore, comprising 64% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 14% share of total exports. It was followed by Hong Kong SAR, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China totaled +14.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+44.4% per year) and Hong Kong SAR (+15.8% per year).

Export Prices by Country

The average unvulcanised rubber export price stood at $X per ton in 2021, picking up by 16% against the previous year. Overall, the export price continues to indicate a buoyant expansion. The pace of growth was the most pronounced in 2017 an increase of 58%. Over the period under review, the average export prices reached the maximum in 2021 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to Thailand ($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 Taiwan (Chinese) (+18.9%), while the prices for the other major destinations experienced more modest paces of growth.

Unvulcanised Rubber Imports

Imports into Singapore

In 2021, purchases abroad of unvulcanised rubber increased by 11% to X tons, rising for the second year in a row after three years of decline. Over the period under review, imports, however, showed a deep setback. The pace of growth was the most pronounced in 2014 with an increase of 329%. Imports peaked at X tons in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, unvulcanised rubber imports skyrocketed to $X in 2021. In general, imports, however, saw a abrupt downturn. The most prominent rate of growth was recorded in 2014 when imports increased by 262% against the previous year. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

South Korea (X tons), the United States (X tons) and the UK (X tons) were the main suppliers of unvulcanised rubber imports to Singapore, together comprising 72% of total imports.

From 2012 to 2021, the biggest increases were recorded for South Korea (with a CAGR of +69.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X) constituted the largest supplier of unvulcanised rubber to Singapore, comprising 55% of total imports. The second position in the ranking was taken by the UK ($X), with a 14% share of total imports. It was followed by the United States, with an 11% share.

From 2012 to 2021, the average annual growth rate of value from South Korea stood at +63.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+8.1% per year) and the United States (-34.2% per year).

Import Prices by Country

In 2021, the average unvulcanised rubber import price amounted to $X per ton, surging by 20% against the previous year. Overall, the import price, however, showed a mild shrinkage. The growth pace was the most rapid in 2018 when the average import price increased by 35% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was South Korea ($X per ton), while the price for the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+15.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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