Singapore: Beef Market 2022

Beef Exports

Exports from Singapore

In 2020, overseas shipments of beef (cattle meat) increased by X% to X tonnes, rising for the second consecutive year after two years of decline. Over the period under review, exports continue to indicate a resilient increase. The pace of growth was the most pronounced in 2015 when exports increased by X% y-o-y. Over the period under review, the exports hit record highs in 2020 and are expected to retain growth in the near future.

In value terms, beef exports surged to $X in 2020. In general, exports enjoyed a resilient increase. The most prominent rate of growth was recorded in 2015 when exports increased by X% y-o-y. The exports peaked at $X in 2016; however, from 2017 to 2020, the exports stood at a somewhat lower figure.

Exports by Country

Malaysia (X tonnes), Indonesia (X tonnes) and Australia (X tonnes) were the main destinations of beef exports from Singapore, together comprising X% of total exports.

From 2007 to 2020, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Australia (+X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for beef exported from Singapore were Indonesia ($X), Malaysia ($X) and Australia ($X), with a combined X% share of total exports.

Australia, with a CAGR of +X%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2020, the average beef export price amounted to $X per tonne, falling by -X% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2011 an increase of X% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per tonne in 2016; however, from 2017 to 2020, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2020, the country with the highest price was Australia ($X per tonne), while the average price for exports to Malaysia ($X per tonne) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to Brazil (+X%), while the prices for the other major destinations experienced mixed trend patterns.

Beef Imports

Imports into Singapore

In 2020, imports of beef (cattle meat) into Singapore rose rapidly to X tonnes, with an increase of X% compared with 2019 figures. Overall, total imports indicated a moderate increase from 2007 to 2020: its volume increased at an average annual rate of +X% over the last thirteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, imports decreased by -X% against 2017 indices. The pace of growth appeared the most rapid in 2015 when imports increased by X% year-to-year. Imports peaked at X tonnes in 2017; however, from 2018 to 2020, imports failed to regain momentum.

In value terms, beef imports skyrocketed to $X in 2020. Over the period under review, imports posted a prominent increase. The most prominent rate of growth was recorded in 2011 when imports increased by X% y-o-y. Imports peaked in 2020 and are likely to see steady growth in years to come.

Imports by Country

In 2020, Brazil (X tonnes) constituted the largest supplier of beef to Singapore, accounting for a X% share of total imports. Moreover, beef imports from Brazil exceeded the figures recorded by the second-largest supplier, Australia (X tonnes), twofold. The third position in this ranking was occupied by the United States (X tonnes), with an X% share.

From 2007 to 2020, the average annual growth rate of volume from Brazil totaled +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+X% per year) and the United States (+X% per year).

In value terms, Brazil ($X), Australia ($X) and the United States ($X) constituted the largest beef suppliers to Singapore, with a combined X% share of total imports. New Zealand and Argentina lagged somewhat behind, together comprising a further X terms of the main suppliers, Argentina, with a CAGR of +X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2020, the average beef import price amounted to $X per tonne, rising by X% against the previous year. Over the last thirteen years, it increased at an average annual rate of +X%. The pace of growth appeared the most rapid in 2008 when the average import price increased by X% year-to-year. Over the period under review, average import prices hit record highs in 2020 and is expected to retain growth in years to come.

Prices varied noticeably by the country of origin: the country with the highest price was the United States ($X per tonne), while the price for Brazil ($X per tonne) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by the United States (+X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform