Price for Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture in Singapore - 2023

Contents:

1. Price for Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture in Singapore (CIF) - 2022
2. Price for Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture in Singapore (FOB) - 2022
3. Imports of Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture in Singapore
4. Exports of Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture in Singapore

Price for Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture in Singapore (CIF) - 2022

The average import price for refrigerating or freezing equipment; parts thereof, other than furniture stood at $76 per unit in 2022, jumping by 38% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.1%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($92 per unit), while the price for Denmark ($56 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+5.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture in Singapore (FOB) - 2022

The average export price for refrigerating or freezing equipment; parts thereof, other than furniture stood at $56 per unit in 2022, with an increase of 6.6% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 an increase of 9.1% against the previous year. Over the period under review, the average export prices attained the maximum at $60 per unit in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Mexico ($53 per unit) and Vietnam ($53 per unit), while the average price for exports to New Zealand ($53 per unit) and Hong Kong SAR ($53 per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Mexico (-0.8%), while the prices for the other major destinations experienced a decline.

Imports of Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture in Singapore

In 2022, approx. 2.2M units of refrigerating or freezing equipment; parts thereof, other than furniture were imported into Singapore; with a decrease of -31.7% on 2021. Over the period under review, imports showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2021 with an increase of 1% against the previous year. Over the period under review, imports of attained the maximum at 3.9M units in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, imports of refrigerating or freezing equipment; parts thereof, other than furniture dropped to $168M in 2022. Overall, imports continue to indicate a pronounced reduction. The most prominent rate of growth was recorded in 2021 when imports increased by 4.5%. Imports peaked at $194M in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Top Suppliers of Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture to Singapore in 2022:

1. Malaysia (972.0K units)
2. Indonesia (617.1K units)
3. China (284.9K units)
4. United States (93.6K units)
5. Italy (52.2K units)
6. Japan (36.1K units)
7. Denmark (13.5K units)

Exports of Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture in Singapore

Exports of refrigerating or freezing equipment; parts thereof, other than furniture from Singapore fell dramatically to 1.3M units in 2022, dropping by -20.4% compared with the previous year. Overall, exports showed a abrupt downturn. The most prominent rate of growth was recorded in 2021 when exports increased by 17% against the previous year. As a result, the exports attained the peak of 1.6M units, and then contracted dramatically in the following year.

In value terms, exports of refrigerating or freezing equipment; parts thereof, other than furniture declined significantly to $71M in 2022. In general, exports saw a noticeable downturn. The most prominent rate of growth was recorded in 2021 when exports increased by 9.8%. As a result, the exports reached the peak of $83M, and then fell remarkably in the following year.

Top Export Markets for Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture from Singapore in 2022:

1. United States (424.8K units)
2. Thailand (182.5K units)
3. Indonesia (111.0K units)
4. Malaysia (100.9K units)
5. China (59.7K units)
6. Netherlands (59.2K units)
7. Vietnam (50.7K units)
8. Hong Kong SAR (38.0K units)
9. India (35.3K units)
10. South Korea (27.6K units)
11. Australia (21.5K units)
12. New Zealand (19.6K units)

Source: IndexBox Market Intelligence Platform