Singapore: Granite Building Stone Market 2024

Granite Building Stone Market Size in Singapore

The Singaporean granite building stone market fell sharply to $X in 2021, declining by -63.1% 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). In general, consumption recorded a abrupt decrease. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Granite Building Stone Exports

Exports from Singapore

In 2021, shipments abroad of granite building stone was finally on the rise to reach X tons after two years of decline. Over the period under review, exports enjoyed a remarkable increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, granite building stone exports soared to $X in 2021. Overall, exports, however, continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2017 when exports increased by 100%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

British Indian Ocean Territory (X tons) was the main destination for granite building stone exports from Singapore, accounting for a 85% share of total exports. Moreover, granite building stone exports to British Indian Ocean Territory exceeded the volume sent to the second major destination, Oman (X tons), more than tenfold. Indonesia (X tons) ranked third in terms of total exports with a 3.4% share.

From 2012 to 2021, the average annual growth rate of volume to British Indian Ocean Territory was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Oman (+8.9% per year) and Indonesia (-9.0% per year).

In value terms, British Indian Ocean Territory ($X), the UK ($X) and Indonesia ($X) were the largest markets for granite building stone exported from Singapore worldwide, with a combined 63% share of total exports. These countries were followed by Oman, the Philippines, Taiwan (Chinese) and the United Arab Emirates, which together accounted for a further 12%.

Among the main countries of destination, Oman, with a CAGR of +6.9%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average granite building stone export price stood at $X per ton in 2021, waning by -95.1% against the previous year. Overall, the export price showed a deep contraction. The pace of growth appeared the most rapid in 2017 when the average export price increased by 217%. As a result, the export price reached the peak level of $X per ton. From 2018 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to British Indian Ocean Territory ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+71.0%), while the prices for the other major destinations experienced more modest paces of growth.

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Granite Building Stone Imports

Imports into Singapore

In 2021, granite building stone imports into Singapore soared to X tons, picking up by 31% compared with the year before. Overall, imports, however, showed a abrupt shrinkage. The pace of growth was the most pronounced in 2019 when imports increased by 36%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, granite building stone imports skyrocketed to $X in 2021. In general, imports, however, showed a pronounced curtailment. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Thailand (X tons) constituted the largest supplier of granite building stone to Singapore, with a 71% share of total imports. Moreover, granite building stone imports from Thailand exceeded the figures recorded by the second-largest supplier, China (X tons), fourfold. India (X tons) ranked third in terms of total imports with a 2.8% share.

From 2012 to 2021, the average annual growth rate of volume from Thailand amounted to +97.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-21.1% per year) and India (-15.4% per year).

In value terms, China ($X) constituted the largest supplier of granite building stone to Singapore, comprising 59% of total imports. The second position in the ranking was held by Italy ($X), with a 14% share of total imports. It was followed by India, with a 7.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to -5.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-6.9% per year) and India (-4.2% per year).

Import Prices by Country

The average granite building stone import price stood at $X per ton in 2021, picking up by 9.5% against the previous year. Over the last nine years, it increased at an average annual rate of +3.3%. The pace of growth was the most pronounced in 2020 an increase of 29% against the previous year. Over the period under review, average import prices hit record highs in 2021 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+20.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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