Singapore: Footwear Market 2023

Footwear Market Size in Singapore

The Singaporean footwear market soared to $X in 2022, surging by X% against the previous year. In general, the total consumption indicated a temperate expansion from 2012 to 2022: its value 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, consumption increased by X% against 2020 indices. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Footwear Production in Singapore

In value terms, footwear production surged to $X in 2022 estimated in export price. Over the period under review, production, however, saw a strong increase. The most prominent rate of growth was recorded in 2014 with an increase of X%. As a result, production reached the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Footwear Exports

Exports from Singapore

In 2022, overseas shipments of footwear increased by X% to X pairs, rising for the second year in a row after two years of decline. The total export volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The exports peaked at X pairs in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, footwear exports surged to $X in 2022. In general, exports posted a buoyant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Argentina (X pairs), Malaysia (X pairs) and Indonesia (X pairs) were the main destinations of footwear exports from Singapore, with a combined X% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Argentina (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Japan ($X) and the Philippines ($X) constituted the largest markets for footwear exported from Singapore worldwide, together accounting for X% of total exports.

The Philippines, with a CAGR of X%, recorded the highest growth rate of 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

The average footwear export price stood at $X per pair in 2022, jumping by X% against the previous year. In general, the export price recorded a prominent expansion. The most prominent rate of growth was recorded in 2019 when the average export price increased by X% against the previous year. Over the period under review, the average export prices reached the maximum in 2022 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was India ($X per pair), while the average price for exports to the UK ($X per pair) was amongst the lowest.

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

Footwear Imports

Imports into Singapore

Footwear imports into Singapore skyrocketed to X pairs in 2022, picking up by X% on the year before. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. Imports peaked at X pairs in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, footwear imports soared to $X in 2022. In general, total imports indicated a resilient expansion from 2012 to 2022: its value 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, imports increased by X% against 2020 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, China (X pairs) constituted the largest supplier of footwear to Singapore, with a X% share of total imports. Moreover, footwear imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X pairs), fivefold. The third position in this ranking was taken by Italy (X pairs), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (X% per year) and Italy (X% per year).

In value terms, Italy ($X), China ($X) and Vietnam ($X) constituted the largest footwear suppliers to Singapore, with a combined X% share of total imports.

Vietnam, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average footwear import price stood at $X per pair in 2022, picking up by X% against the previous year. Overall, import price indicated a resilient increase 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, footwear import price increased by X% against 2017 indices. The growth pace was the most rapid in 2018 an increase of X% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is likely to see gradual growth in years to come.

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 Italy ($X per pair), while the price for China ($X per pair) was amongst the lowest.

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

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :