Singapore - Bananas - Market Analysis, Forecast, Size, Trends and Insights

Singapore: Banana Market Overview 2019

Banana Market Size in Singapore

The revenue of the banana market in Singapore amounted to $X in 2017, surging by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, banana consumption continues to indicate a strong increase. The pace of growth appeared the most rapid in 2012, with an increase of X% y-o-y. The banana consumption peaked in 2017, and is likely to see steady growth in the immediate term.

Banana Exports

Exports from Singapore

In 2017, the amount of bananas exported from Singapore stood at X tonnes, lowering by -X% against the previous year. Overall, banana exports continue to indicate a slight slump. The most prominent rate of growth was recorded in 2010, when exports increased by X% against the previous year. Over the period under review, the banana exports attained its peak figure volume of X tonnes in 2012; however, from 2013 to 2017, it failed to regain its momentum.

In value terms, banana exports totaled $X in 2017. In general, banana exports continue to indicate a slight curtailment. Over the period under review, the banana exports attained its peak figure level of $X in 2011; however, from 2012 to 2017, it stood at a somewhat lower level.

Exports by Country

Indonesia (X tonnes) was the main destination of banana exports from Singapore, accounting for X% share of total exports. Moreover, banana exports to Indonesia exceeded the volume sent to the second major destination, Canada (X tonnes), fourfold. The third position in this ranking was occupied by Oman (X tonnes), with a X% share.

From 2007 to 2017, the average annual growth rate of volume to Indonesia totaled +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+X% per year) and Oman (-X% per year).

In value terms, Indonesia ($X) remains the key foreign market for banana exports from Singapore, making up X% of total banana exports. The second position in the ranking was occupied by Canada ($X), with a X% share of total exports. It was followed by Malaysia, with a X% share.

From 2007 to 2017, the average annual growth rate of value to Indonesia totaled +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+X% per year) and Malaysia (+X% per year).

Export Prices by Country

The average banana export price stood at $X per tonne in 2017, lowering by -X% against the previous year. In general, banana export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013, an increase of X% against the previous year. The export price peaked of $X per tonne in 2011; however, from 2012 to 2017, it failed to regain its momentum.

There were significant differences in the average export prices for the major foreign markets. In 2017, the country with the highest export price was Malaysia ($X per tonne), while average price for exports to Oman ($X per tonne) was amongst the lowest.

From 2007 to 2017, the most notable rate of growth in terms of export prices was recorded for supplies to Malaysia (-X% per year), the export prices for other major destinations experienced a decline.

Banana Imports

Imports into Singapore

In 2017, the amount of bananas imported into Singapore amounted to X tonnes, coming down by -X% against the previous year. The total import volume increased an average annual rate of +X% from 2007 to 2017; however, the trend pattern indicated some noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2014, when it surged by X% against the previous year. Over the period under review, the banana imports attained its peak figure volume of X tonnes in 2016, and then declined slightly in the following year.

In value terms, banana imports stood at $X in 2017. Overall, banana imports continue to indicate a remarkable growth. Over the period under review, the banana imports reached its peak figure level in 2017, and are likely to continue its growth in the near future.

Imports by Country

The Philippines (X tonnes), Malaysia (X tonnes) and Mexico (X tonnes) were the main suppliers of banana imports to Singapore, together accounting for X% of total imports. These countries were followed by India, Thailand and Ecuador, which together accounted for a further X%.

From 2007 to 2017, the most notable rate of growth in terms of imports, amongst the main suppliers, was attained by India (+X% per year), while the other leaders experienced more modest paces of growth.

In value terms, largest banana suppliers to Singapore were the Philippines ($X), Malaysia ($X) and Mexico ($X), together comprising X% of total imports. These countries were followed by India, Thailand and Ecuador, which together accounted for a further X%.

Among the main suppliers, India (+X% per year) experienced the highest rates of growth with regard to imports, over the last decade, while the other leaders experienced more modest paces of growth.

Import Prices by Country

The average banana import price stood at $X per tonne in 2017, rising by X% against the previous year. In general, the import price indicated a strong expansion from 2007 to 2017: its price increased at an average annual rate of +X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations throughout the analyzed period. Based on 2017 figures, the banana import price increased by +X% against 2007 indices. The most prominent rate of growth was recorded in 2017, when it surged by X% y-o-y. In that year, the average import prices for bananas reached their peak level, and is likely to continue its growth in the immediate term.

Average import prices varied noticeably amongst the major supplying countries. In 2017, the countries with the highest import prices were Malaysia ($X per tonne) and India ($X per tonne), while price for Mexico ($X per tonne) and Ecuador ($X per tonne) were amongst the lowest.

From 2007 to 2017, the most notable rate of growth in terms of import prices was attained by Malaysia (+X% per year), the import prices for other major suppliers experienced more modest paces of growth.

Source: IndexBox AI Platform