Price for Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Singapore - 2022

Contents:

1. Price for Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Singapore (CIF) - 2022
2. Price for Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Singapore (FOB) - 2022
3. Imports of Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Singapore
4. Exports of Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Singapore

Price for Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Singapore (CIF) - 2022

In September 2022, the average import price for fresh or chilled bone-in cuts (excluding carcasses and half-carcasses) of bovine meat amounted to $31,428 per ton, remaining constant against the previous month. Over the period from September 2021 to September 2022, it increased at an average monthly rate of +3.2%. The growth pace was the most rapid in January 2022 an increase of 42% m-o-m. The import price peaked at $32,058 per ton in April 2022; however, from May 2022 to September 2022, import prices remained at a lower figure.

Prices varied noticeably by the country of origin: the country with the highest price was the United States ($45,984 per ton), while the price for New Zealand ($21,339 per ton) was amongst the lowest.

From September 2021 to September 2022, the most notable rate of growth in terms of prices was attained by Argentina (+5.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Singapore (FOB) - 2022

The average export price for fresh or chilled bone-in cuts (excluding carcasses and half-carcasses) of bovine meat stood at $14,369 per ton in 2022, shrinking by -11.9% against the previous year. Over the period under review, the export price, however, continues to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2021 an increase of 325% against the previous year. The export price peaked at $23,801 per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Maldives ($30,628 per ton), while the average price for exports to Indonesia stood at $2,797 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Oman (+20.9%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Singapore

In 2022, imports of fresh or chilled bone-in cuts (excluding carcasses and half-carcasses) of bovine meat into Singapore skyrocketed to 514 tons, increasing by 15% compared with the previous year. The total import volume increased at an average annual rate of +8.5% from 2019 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 2020 with an increase of 44% against the previous year. As a result, imports attained the peak of 581 tons. From 2021 to 2022, the growth of imports of failed to regain momentum.

In value terms, imports of fresh or chilled bone-in cuts (excluding carcasses and half-carcasses) of bovine meat skyrocketed to $11M in 2022. Overall, total imports indicated buoyant growth from 2019 to 2022: its value increased at an average annual rate of +19.1% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +68.8% against 2019 indices. The pace of growth was the most pronounced in 2021 with an increase of 24% against the previous year. Over the period under review, imports of reached the maximum in 2022 and are likely to continue growth in the immediate term.

Top Suppliers of Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat to Singapore in 2022:

1. Australia (382.5 tons)
2. United States (78.7 tons)
3. New Zealand (28.3 tons)
4. Argentina (11.7 tons)
5. Netherlands (8.8 tons)

Exports of Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Singapore

In 2022, the amount of fresh or chilled bone-in cuts (excluding carcasses and half-carcasses) of bovine meat exported from Singapore skyrocketed to 17 tons, picking up by 47% against 2021. In general, exports, however, recorded a abrupt descent. The growth pace was the most rapid in 2020 with an increase of 247%. As a result, the exports attained the peak of 106 tons. From 2021 to 2022, the growth of the exports of remained at a somewhat lower figure.

In value terms, exports of fresh or chilled bone-in cuts (excluding carcasses and half-carcasses) of bovine meat skyrocketed to $241K in 2022. Overall, exports recorded a prominent increase. The pace of growth was the most pronounced in 2020 when exports increased by 168% against the previous year. As a result, the exports attained the peak of $406K. From 2021 to 2022, the growth of the exports of remained at a lower figure.

Top Export Markets for Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat from Singapore in 2022:

1. Indonesia (9.7 tons)
2. Maldives (7.0 tons)

Source: IndexBox Market Intelligence Platform