Singapore: Market for Furnishing Articles, Furniture and Cushion Covers 2024

Market Size for Furnishing Articles, Furniture and Cushion Covers in Singapore

In 2022, the Singaporean market for furnishing articles, furniture and cushion covers increased by X% to $X, rising for the second year in a row after four years of decline. Overall, the total consumption indicated a notable 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 2017 to 2022, the growth of the market failed to regain momentum.

Production of Furnishing Articles, Furniture and Cushion Covers in Singapore

In value terms, production of furnishing articles, furniture and cushion covers shrank to $X in 2022 estimated in export price. Over the period under review, production, however, recorded slight growth. The growth pace was the most rapid in 2015 when the production volume increased by X% against the previous year. Production of peaked at $X in 2016; however, from 2017 to 2022, production remained at a lower figure.

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Exports of Furnishing Articles, Furniture and Cushion Covers

Exports from Singapore

In 2022, the amount of furnishing articles, furniture and cushion covers exported from Singapore surged to X tons, rising by X% compared with the year before. Overall, exports, however, saw a deep slump. The most prominent rate of growth was recorded in 2020 when exports increased by X% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, exports of furnishing articles, furniture and cushion covers surged to $X in 2022. In general, exports, however, recorded a deep setback. The growth pace was the most rapid in 2020 with an increase of X%. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Indonesia (X tons), Australia (X tons) and Japan (X tons) were the main destinations of exports of furnishing articles, furniture and cushion covers from Singapore, together accounting for X% of total exports. Papua New Guinea, Malaysia, French Polynesia, the Philippines and the UK lagged somewhat behind, together comprising a further X%.

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

In value terms, Indonesia ($X) remains the key foreign market for furnishing articles, furniture and cushion covers exports from Singapore, comprising X% of total exports. The second position in the ranking was taken by Australia ($X), with a X% share of total exports. It was followed by Malaysia, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Indonesia amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (X% per year) and Malaysia (X% per year).

Export Prices by Country

The average export price for furnishing articles, furniture and cushion covers stood at $X per ton in 2022, waning by X% against the previous year. In general, the export price saw a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the average export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2017 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the average price for exports to Papua New Guinea ($X per ton) was amongst the lowest.

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

Imports of Furnishing Articles, Furniture and Cushion Covers

Imports into Singapore

In 2022, approx. X tons of furnishing articles, furniture and cushion covers were imported into Singapore; rising by X% on 2021 figures. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when imports increased by X% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2022, the growth of imports of failed to regain momentum.

In value terms, imports of furnishing articles, furniture and cushion covers skyrocketed to $X in 2022. Over the period under review, imports saw a relatively flat trend pattern. Imports peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) constituted the largest furnishing article, furniture and cushion cover supplier to Singapore, with a X% share of total imports. Moreover, imports of furnishing articles, furniture and cushion covers from China exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), more than tenfold. India (X tons) ranked third in terms of total imports with a X% share.

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

In value terms, China ($X) constituted the largest supplier of furnishing articles, furniture and cushion covers to Singapore, comprising X% of total imports. The second position in the ranking was taken by Malaysia ($X), with a X% share of total imports. It was followed by India, with a X% share.

From 2012 to 2022, the average annual growth rate of value from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (X% per year) and India (X% per year).

Import Prices by Country

The average import price for furnishing articles, furniture and cushion covers stood at $X per ton in 2022, growing by X% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of X%. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a 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 India ($X per ton), while the price for France ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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