Singapore: Wooden Office Furniture Market 2024

Wooden Office Furniture Market Size in Singapore

For the third consecutive year, the Singaporean wooden office furniture market recorded decline in sales value, which decreased by -4.9% to $X in 2021. In general, consumption showed a mild contraction. Wooden office furniture consumption peaked at $X in 2016; however, from 2017 to 2021, consumption remained at a lower figure.

Wooden Office Furniture Production in Singapore

In value terms, wooden office furniture production dropped slightly to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 37% against the previous year. Over the period under review, production attained the maximum level at $X in 2020, and then dropped in the following year.

Wooden Office Furniture Exports

Exports from Singapore

In 2021, wooden office furniture exports from Singapore soared to X units, growing by 126% on 2020. In general, exports continue to indicate a relatively flat trend pattern. The exports peaked at X units in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, wooden office furniture exports skyrocketed to $X in 2021. Over the period under review, exports, however, recorded a deep contraction. The exports peaked at $X in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

Exports by Country

Malaysia (X units) was the main destination for wooden office furniture exports from Singapore, with a 31% share of total exports. Moreover, wooden office furniture exports to Malaysia exceeded the volume sent to the second major destination, Gambia (X units), threefold. The United States (X units) ranked third in terms of total exports with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Malaysia stood at +6.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Gambia (+233.1% per year) and the United States (+79.3% per year).

In value terms, Malaysia ($X) emerged as the key foreign market for wooden furniture of a kind used in offices exports from Singapore, comprising 30% of total exports. The second position in the ranking was taken by the United States ($X), with a 9.9% share of total exports. It was followed by Mexico, with an 8.9% share.

From 2012 to 2021, the average annual growth rate of value to Malaysia stood at +1.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+69.7% per year) and Mexico (+31.5% per year).

Export Prices by Country

The average wooden office furniture export price stood at $X per unit in 2021, waning by -9.1% against the previous year. Overall, the export price saw a abrupt contraction. The pace of growth appeared the most rapid in 2014 when the average export price increased by 21% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2015 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Brazil ($X per unit), while the average price for exports to Gambia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Mexico (+1.4%), while the prices for the other major destinations experienced more modest paces of growth.

Wooden Office Furniture Imports

Imports into Singapore

In 2021, the amount of wooden furniture of a kind used in offices imported into Singapore soared to X units, picking up by 22% on the year before. In general, imports, however, recorded a noticeable downturn. The most prominent rate of growth was recorded in 2014 with an increase of 30% against the previous year. Over the period under review, imports reached the peak figure at X units in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, wooden office furniture imports soared to $X in 2021. Overall, imports, however, saw a abrupt setback. Over the period under review, imports reached the peak figure at $X in 2015; however, from 2016 to 2021, imports remained at a lower figure.

Imports by Country

China (X units), Malaysia (X units) and Finland (X units) were the main suppliers of wooden office furniture imports to Singapore, with a combined 82% share of total imports. The United States, Poland and Lithuania lagged somewhat behind, together accounting for a further 7.6%.

From 2012 to 2021, the biggest increases were recorded for Lithuania (with a CAGR of +74.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Malaysia ($X) and Finland ($X) constituted the largest wooden office furniture suppliers to Singapore, together accounting for 82% of total imports. The United States, Poland and Lithuania lagged somewhat behind, together accounting for a further 7.6%.

Lithuania, with a CAGR of +100.5%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average wooden office furniture import price stood at $X per unit in 2021, increasing by 22% against the previous year. In general, the import price, however, recorded a abrupt slump. Over the period under review, average import prices reached the peak figure at $X per unit in 2012; however, from 2013 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 the United States ($X per unit) and Malaysia ($X per unit), while the price for China ($X per unit) and Lithuania ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Finland (+14.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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