Singapore: Water-Skis And Surfboards Market 2024

Water-Skis And Surfboards Market Size in Singapore

After three years of decline, the Singaporean water-skis and surfboards market increased by 47% to $X in 2022. Over the period under review, consumption saw a strong expansion. Over the period under review, the market hit record highs in 2022 and is likely to see steady growth in the immediate term.

Water-Skis And Surfboards Production in Singapore

In value terms, water-skis and surfboards production reached $X in 2022 estimated in export price. In general, production saw resilient growth. The pace of growth appeared the most rapid in 2017 when the production volume increased by 103%. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Water-Skis And Surfboards Exports

Exports from Singapore

In 2022, the amount of water-skis, surfboards and sailboards exported from Singapore contracted rapidly to X units, which is down by -18.7% against the year before. Over the period under review, total exports indicated slight growth from 2012 to 2022: its volume increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +34.0% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 65% against the previous year. The exports peaked at X units in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, water-skis and surfboards exports contracted to $X in 2022. In general, total exports indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +20.5% against 2020 indices. The pace of growth was the most pronounced in 2014 with an increase of 42%. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Indonesia (X units) was the main destination for water-skis and surfboards exports from Singapore, accounting for a 37% share of total exports. Moreover, water-skis and surfboards exports to Indonesia exceeded the volume sent to the second major destination, the United States (X units), twofold. Germany (X units) ranked third in terms of total exports with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Indonesia stood at -6.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+59.1% per year) and Germany (+130.0% per year).

In value terms, Indonesia ($X) remains the key foreign market for water-skis, surfboards and sailboards exports from Singapore, comprising 37% of total exports. The second position in the ranking was held by the United States ($X), with a 16% share of total exports. It was followed by Germany, with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Indonesia totaled -3.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+64.2% per year) and Germany (+137.2% per year).

Export Prices by Country

The average water-skis and surfboards export price stood at $X per unit in 2022, rising by 8.4% against the previous year. Over the last decade, it increased at an average annual rate of +3.2%. The growth pace was the most rapid in 2020 an increase of 21% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2021 to 2022, the average export prices remained at a lower figure.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Malaysia ($X per unit) and Indonesia ($X per unit), while the average price for exports to Taiwan (Chinese) ($X per unit) and China ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+3.2%), while the prices for the other major destinations experienced more modest paces of growth.

Water-Skis And Surfboards Imports

Imports into Singapore

In 2022, the amount of water-skis, surfboards and sailboards imported into Singapore skyrocketed to X units, rising by 16% compared with the previous year's figure. The total import volume increased at an average annual rate of +1.5% 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 35%. Imports peaked at X units in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, water-skis and surfboards imports expanded markedly to $X in 2022. The total import value increased at an average annual rate of +2.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when imports increased by 49%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The United States (X units), China (X units) and Italy (X units) were the main suppliers of water-skis and surfboards imports to Singapore, together comprising 50% of total imports. Germany, Hong Kong SAR, France, Thailand, Japan, Australia, Taiwan (Chinese), Malaysia, Indonesia and South Africa lagged somewhat behind, together accounting for a further 36%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Germany (with a CAGR of +27.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), China ($X) and Italy ($X) appeared to be the largest water-skis and surfboards suppliers to Singapore, together accounting for 50% of total imports. Germany, Hong Kong SAR, France, Thailand, Japan, Taiwan (Chinese), Australia, Malaysia, Indonesia and South Africa lagged somewhat behind, together comprising a further 37%.

In terms of the main suppliers, Germany, with a CAGR of +28.9%, saw the highest rates of growth with regard to 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 water-skis and surfboards import price stood at $X per unit in 2022, which is down by -2.8% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by 9.9% against the previous year. As a result, import price reached the peak level of $X per unit, and then fell in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were France ($X per unit) and Indonesia ($X per unit), while the price for South Africa ($X per unit) and Hong Kong SAR ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+2.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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