Singapore: Worked Wax Articles Market 2024

Worked Wax Articles Market Size in Singapore

The Singaporean worked wax articles market surged to $X in 2022, growing by 99% against the previous year. In general, consumption enjoyed a tangible expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Worked Wax Articles Production in Singapore

In value terms, worked wax articles production soared to $X in 2022 estimated in export price. Over the period under review, production, however, saw a abrupt shrinkage. The pace of growth was the most pronounced in 2013 when the production volume increased by 336%. As a result, production attained the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

Worked Wax Articles Exports

Exports from Singapore

In 2022, shipments abroad of worked articles of wax decreased by -40.9% to X units, falling for the second year in a row after two years of growth. In general, exports faced a drastic downturn. The pace of growth appeared the most rapid in 2013 with an increase of 278%. As a result, the exports reached the peak of X units. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, worked wax articles exports shrank dramatically to $X in 2022. Over the period under review, exports continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2013 when exports increased by 262% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Malaysia (X units) was the main destination for worked wax articles exports from Singapore, accounting for a 35% share of total exports. Moreover, worked wax articles exports to Malaysia exceeded the volume sent to the second major destination, Hong Kong SAR (X units), twofold. Taiwan (Chinese) (X units) ranked third in terms of total exports with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Malaysia totaled -3.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (-5.0% per year) and Taiwan (Chinese) (-14.6% per year).

In value terms, the largest markets for worked wax articles exported from Singapore were Malaysia ($X), Taiwan (Chinese) ($X) and Hong Kong SAR ($X), with a combined 68% share of total exports. Brunei Darussalam, Thailand, Indonesia, Vietnam, the Philippines and Japan lagged somewhat behind, together comprising a further 30%.

Brunei Darussalam, with a CAGR of +2.5%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average worked wax articles export price stood at $X per thousand units in 2022, increasing by 6% against the previous year. In general, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 31%. Over the period under review, the average export prices hit record highs at $X per thousand units in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Taiwan (Chinese) ($X per thousand units) and Thailand ($X per thousand units), while the average price for exports to Indonesia ($X per thousand units) and Malaysia ($X per thousand units) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+2.6%), while the prices for the other major destinations experienced more modest paces of growth.

Worked Wax Articles Imports

Imports into Singapore

In 2022, purchases abroad of worked articles of wax was finally on the rise to reach X units for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports, however, saw a abrupt contraction. Over the period under review, imports hit record highs at X units in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, worked wax articles imports skyrocketed to $X in 2022. In general, imports, however, showed a abrupt descent. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

China (X units), France (X units) and Malaysia (X units) were the main suppliers of worked wax articles imports to Singapore, together comprising 69% of total imports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +10.1%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the largest worked wax articles suppliers to Singapore were China ($X), France ($X) and Malaysia ($X), with a combined 69% share of total imports.

Among the main suppliers, China, with a CAGR of +9.1%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average worked wax articles import price amounted to $X per thousand units, shrinking by -11.9% against the previous year. Overall, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average import price increased by 17% against the previous year. The import price peaked at $X per thousand units in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were the United States ($X per thousand units) and France ($X per thousand units), while the price for India ($X per thousand units) and South Korea ($X per thousand units) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (-0.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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