Singapore: Grain Market 2024

Grain Market Size in Singapore

After two years of decline, the Singaporean grain market increased by X% to $X in 2022. In general, consumption continues to indicate a slight decrease. Over the period under review, the market attained the maximum level at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Grain Production in Singapore

In value terms, grain production rose to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2015 when the production volume increased by X% against the previous year. Over the period under review, production attained the maximum level at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

In 2022, the average yield of grain in Singapore totaled less than X kg per ha, stabilizing at 2021 figures. In general, the yield showed a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the grain harvested area in Singapore was estimated at less than X ha, therefore, remained relatively stable against the previous year. In general, the harvested area showed a relatively flat trend pattern.

Grain Exports

Exports from Singapore

For the third year in a row, Singapore recorded decline in shipments abroad of grain, which decreased by X% to X tons in 2022. In general, exports continue to indicate a abrupt decline. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, grain exports reduced remarkably to $X in 2022. Over the period under review, exports continue to indicate a pronounced reduction. The growth pace was the most rapid in 2016 when exports increased by X%. As a result, the exports attained the peak of $X. From 2017 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Malaysia (X tons), Brunei Darussalam (X tons) and Bangladesh (X tons) were the main destinations of grain exports from Singapore, together comprising X% of total exports.

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

In value terms, the Philippines ($X), Bangladesh ($X) and Malaysia ($X) appeared to be the largest markets for grain exported from Singapore worldwide, with a combined X% share of total exports.

Among the main countries of destination, Bangladesh, with a CAGR of X%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average grain export price stood at $X per ton in 2022, waning by X% against the previous year. Over the period under review, the export price, however, recorded a strong increase. The most prominent rate of growth was recorded in 2020 an increase of X%. The export price peaked at $X per ton in 2021, and then declined in the following year.

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 Myanmar ($X per ton), while the average price for exports to Samoa ($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 Myanmar (X%), while the prices for the other major destinations experienced more modest paces of growth.

Grain Imports

Imports into Singapore

In 2022, approx. X tons of grain were imported into Singapore; waning by X% against the previous year's figure. Overall, imports continue to indicate a slight curtailment. The pace of growth appeared the most rapid in 2020 with an increase of X% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, grain imports surged to $X in 2022. The total import value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Australia (X tons) constituted the largest grain supplier to Singapore, with a X% share of total imports. Moreover, grain imports from Australia exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. Canada (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 Australia was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Canada (X% per year).

In value terms, the largest grain suppliers to Singapore were Australia ($X), the United States ($X) and Canada ($X), with a combined X% share of total imports. Malaysia and India lagged somewhat behind, together accounting for a further X%.

In terms of the main suppliers, Malaysia, with a CAGR of X%, recorded 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

The average grain import price stood at $X per ton in 2022, picking up by X% against the previous year. Overall, import price indicated moderate 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, grain import price increased by X% against 2017 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were the United States ($X per ton) and Canada ($X per ton), while the price for Australia ($X per ton) and India ($X per ton) were 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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