Singapore: Wood Fuel Market 2024

Wood Fuel Market Size in Singapore

In 2022, the Singaporean wood fuel market increased by 4.2% to $X, rising for the second year in a row after two years of decline. Over the period under review, the total consumption indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +10.6% against 2020 indices. Wood fuel consumption peaked in 2022 and is likely to continue growth in the immediate term.

Wood Fuel Production in Singapore

In value terms, wood fuel production contracted slightly to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a resilient increase. The most prominent rate of growth was recorded in 2014 with an increase of 71% against the previous year. Over the period under review, production reached the maximum level at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Wood Fuel Exports

Exports from Singapore

For the fifth consecutive year, Singapore recorded decline in shipments abroad of wood fuel, which decreased by -76.1% to X cubic meters in 2022. Over the period under review, exports saw a sharp reduction. The pace of growth was the most pronounced in 2013 with an increase of 203%. As a result, the exports reached the peak of X cubic meters. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, wood fuel exports contracted markedly to $X in 2022. Overall, exports showed a deep setback. The most prominent rate of growth was recorded in 2013 when exports increased by 108% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Maldives (X cubic meters), Australia (X cubic meters) and Malaysia (X cubic meters) were the main destinations of wood fuel exports from Singapore, with a combined 99% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Maldives (with a CAGR of +8.8%), while shipments for the other leaders experienced a decline.

In value terms, Maldives ($X) emerged as the key foreign market for wood fuel exports from Singapore, comprising 76% of total exports. The second position in the ranking was held by Australia ($X), with a 21% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Maldives amounted to +10.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (-5.0% per year) and Malaysia (-4.9% per year).

Export Prices by Country

The average wood fuel export price stood at $X per cubic meter in 2022, with an increase of 62% against the previous year. In general, the export price showed a buoyant expansion. The pace of growth was the most pronounced in 2014 an increase of 97%. Over the period under review, the average export prices hit record highs in 2022 and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+61.8%), while the prices for the other major destinations experienced more modest paces of growth.

Wood Fuel Imports

Imports into Singapore

In 2022, purchases abroad of wood fuel increased by 118% to X cubic meters, rising for the second consecutive year after two years of decline. In general, imports posted prominent growth. The pace of growth appeared the most rapid in 2016 with an increase of 184%. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, wood fuel imports skyrocketed to $X in 2022. Over the period under review, imports enjoyed a significant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Australia (X cubic meters), Vietnam (X cubic meters) and the United States (X cubic meters) were the main suppliers of wood fuel imports to Singapore, together comprising 86% of total imports.

From 2012 to 2022, the biggest increases were recorded for Australia (with a CAGR of +60.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest wood fuel suppliers to Singapore were Vietnam ($X), Australia ($X) and the United States ($X), with a combined 86% share of total imports.

Among the main suppliers, Vietnam, with a CAGR of +59.9%, recorded 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

In 2022, the average wood fuel import price amounted to $X per cubic meter, rising by 14% against the previous year. Over the period under review, import price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, wood fuel import price increased by +14.6% against 2019 indices. The growth pace was the most rapid in 2017 when the average import price increased by 59%. The import price peaked at $X per cubic meter in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Vietnam ($X per cubic meter), while the price for Italy ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+403.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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