Price for Furniture; Wooden, Other than for Office, Kitchen or Bedroom Use in Singapore - 2023
Contents:
- Price for Furniture; Wooden, Other than for Office, Kitchen or Bedroom Use in Singapore (CIF) - 2023
- Price for Furniture; Wooden, Other than for Office, Kitchen or Bedroom Use in Singapore (FOB) - 2022
- Imports of Furniture; Wooden, Other than for Office, Kitchen or Bedroom Use in Singapore
- Exports of Furniture; Wooden, Other than for Office, Kitchen or Bedroom Use in Singapore
Price for Furniture; Wooden, Other than for Office, Kitchen or Bedroom Use in Singapore (CIF) - 2023
In September 2022, the average import price for furniture; wooden, other than for office, kitchen or bedroom use amounted to $108 per unit, which is down by -5.7% against the previous month. In general, the import price saw a abrupt shrinkage. The pace of growth was the most pronounced in August 2022 an increase of 24% against the previous month. Over the period under review, average import prices reached the peak figure at $204 per unit in June 2022; however, from July 2022 to September 2022, import prices stood at a somewhat lower figure.
Prices varied noticeably by the country of origin: the country with the highest price was Vietnam ($316 per unit), while the price for Poland ($51.0 per unit) was amongst the lowest.
From June 2022 to September 2022, the most notable rate of growth in terms of prices was attained by Vietnam (-12.7%), while the prices for the other major suppliers experienced a decline.
Price for Furniture; Wooden, Other than for Office, Kitchen or Bedroom Use in Singapore (FOB) - 2022
In 2022, the average export price for furniture; wooden, other than for office, kitchen or bedroom use amounted to $197 per unit, rising by 189% against the previous year. Overall, the export price continues to indicate a resilient increase. As a result, the export price attained the peak level 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 Australia ($541 per unit), while the average price for exports to Hong Kong SAR ($129 per unit) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+22.4%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of Furniture; Wooden, Other than for Office, Kitchen or Bedroom Use in Singapore
In 2022, imports of furniture; wooden, other than for office, kitchen or bedroom use into Singapore rose rapidly to 1.6M units, with an increase of 6.6% compared with the previous year. The total import volume increased at an average annual rate of +8.0% over the period from 2019 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 11% against the previous year. Imports peaked in 2022 and are likely to continue growth in the near future.
In value terms, imports of furniture; wooden, other than for office, kitchen or bedroom use skyrocketed to $191M in 2022. Over the period under review, total imports indicated a remarkable increase from 2019 to 2022: its value increased at an average annual rate of +11.6% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +69.1% against 2020 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 42% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.
| Import of Furniture; Wooden, Other than for Office, Kitchen or Bedroom Use in Singapore (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Malaysia | 56.0 | 38.0 | 55.9 | 78.3 | 11.8% |
| China | 43.9 | 38.7 | 61.1 | 69.3 | 16.4% |
| Italy | 10.9 | 8.5 | 12.2 | 11.7 | 2.4% |
| Indonesia | 6.7 | 7.1 | 8.2 | 8.2 | 7.0% |
| Vietnam | 1.8 | 2.8 | 4.5 | 6.5 | 53.4% |
| Poland | 2.8 | 2.1 | 2.4 | 2.5 | -3.7% |
| Others | 15.2 | 15.5 | 15.2 | 14.0 | -2.7% |
| Total | 137 | 113 | 160 | 191 | 11.7% |
Top Suppliers of Furniture; Wooden, Other than for Office, Kitchen or Bedroom Use to Singapore in 2022:
- China (784.0K units)
- Malaysia (421.8K units)
- Italy (83.6K units)
- Vietnam (60.7K units)
- Indonesia (57.9K units)
- Poland (30.6K units)
Exports of Furniture; Wooden, Other than for Office, Kitchen or Bedroom Use in Singapore
In 2022, approx. 184K units of furniture; wooden, other than for office, kitchen or bedroom use were exported from Singapore; waning by -62.8% on the previous year's figure. Overall, exports continue to indicate a dramatic curtailment. The most prominent rate of growth was recorded in 2021 when exports increased by 19%. The exports peaked at 587K units in 2019; however, from 2020 to 2022, the exports failed to regain momentum.
In value terms, exports of furniture; wooden, other than for office, kitchen or bedroom use expanded notably to $36M in 2022. In general, exports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 49% against the previous year. The exports peaked at $37M in 2019; however, from 2020 to 2022, the exports failed to regain momentum.
| Export of Furniture; Wooden, Other than for Office, Kitchen or Bedroom Use in Singapore (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| India | 1.1 | 4.1 | 6.2 | 7.5 | 89.6% |
| Indonesia | 4.5 | 2.7 | 2.7 | 4.4 | -0.7% |
| Thailand | 5.2 | 0.9 | 3.9 | 4.4 | -5.4% |
| Australia | 4.8 | 0.5 | 1.1 | 3.3 | -11.7% |
| United States | 5.7 | 4.8 | 6.0 | 3.3 | -16.7% |
| Philippines | 1.2 | 1.2 | 4.4 | 2.6 | 29.4% |
| Malaysia | 3.0 | 1.8 | 1.8 | 2.6 | -4.7% |
| Vietnam | 1.2 | 1.0 | 0.6 | 1.8 | 14.5% |
| Japan | 1.1 | 1.1 | 0.8 | 0.7 | -14.0% |
| New Zealand | 0.9 | 0.2 | 0.6 | 0.6 | -12.6% |
| South Korea | 1.2 | 0.2 | 0.4 | 0.3 | -37.0% |
| Taiwan (Chinese) | 1.0 | 1.0 | 0.5 | 0.2 | -41.5% |
| China | 1.6 | 0.3 | 0.1 | 0.2 | -50.0% |
| Others | 4.1 | 3.0 | 4.8 | 4.3 | 1.6% |
| Total | 36.8 | 22.7 | 33.8 | 36.3 | -0.5% |
Top Export Markets for Furniture; Wooden, Other than for Office, Kitchen or Bedroom Use from Singapore in 2022:
- India (36.5K units)
- Indonesia (26.7K units)
- United States (25.7K units)
- Philippines (16.7K units)
- Thailand (16.6K units)
- Malaysia (16.4K units)
- Vietnam (7.1K units)
- Australia (6.1K units)
- Japan (5.2K units)
- New Zealand (2.9K units)
- South Korea (1.9K units)
- Taiwan (Chinese) (1.8K units)
- China (1.3K units)
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