Singapore: Fig Market 2024

Fig Market Size in Singapore

The Singaporean fig market surged to $X in 2022, growing 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). Overall, consumption saw a resilient expansion. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Fig Exports

Exports from Singapore

In 2022, fig exports from Singapore rose to X tons, picking up by X% on the year before. Over the period under review, exports recorded a resilient expansion. The pace of growth appeared the most rapid in 2013 when exports increased by X%. Over the period under review, the exports attained the maximum at X tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, fig exports skyrocketed to $X in 2022. Overall, exports posted a remarkable increase. The most prominent rate of growth was recorded in 2013 when exports increased by X%. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

Malaysia (X tons) was the main destination for fig exports from Singapore, accounting for a X% share of total exports. Moreover, fig exports to Malaysia exceeded the volume sent to the second major destination, Hong Kong SAR (X tons), fivefold. Vietnam (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Malaysia totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (X% per year) and Vietnam (X% per year).

In value terms, Malaysia ($X) remains the key foreign market for figs exports from Singapore, comprising X% of total exports. The second position in the ranking was taken by Hong Kong SAR ($X), with a X% share of total exports. It was followed by Vietnam, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Malaysia amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (X% per year) and Vietnam (X% per year).

Export Prices by Country

The average fig export price stood at $X per ton in 2022, jumping by X% against the previous year. In general, export price indicated prominent growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, fig export price increased by X% against 2020 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Brunei Darussalam ($X per ton) and Indonesia ($X per ton), while the average price for exports to Malaysia ($X per ton) and Hong Kong SAR ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (X%), while the prices for the other major destinations experienced more modest paces of growth.

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Fig Imports

Imports into Singapore

In 2022, approx. X tons of figs were imported into Singapore; rising by X% compared with the previous year's figure. In general, imports posted buoyant growth. The most prominent rate of growth was recorded in 2013 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, fig imports soared to $X in 2022. Overall, imports continue to indicate a prominent expansion. The growth pace was the most rapid in 2013 with an increase of X% against the previous year. Over the period under review, imports attained the maximum at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Turkey (X tons) constituted the largest fig supplier to Singapore, accounting for a X% share of total imports. Moreover, fig imports from Turkey exceeded the figures recorded by the second-largest supplier, South Africa (X tons), eightfold. India (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual growth rate of volume from Turkey totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: South Africa (X% per year) and India (X% per year).

In value terms, Turkey ($X) constituted the largest supplier of figs to Singapore, comprising X% of total imports. The second position in the ranking was taken by South Africa ($X), with a X% share of total imports. It was followed by Peru, with a X% share.

From 2012 to 2022, the average annual growth rate of value from Turkey totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: South Africa (X% per year) and Peru (X% per year).

Import Prices by Country

The average fig import price stood at $X per ton in 2022, approximately reflecting the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the average import price increased by X% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the average import prices remained at a somewhat lower figure.

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 Hong Kong SAR ($X per ton), while the price for India ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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