Singapore: Keyboard Stringed Instrument Market 2024

Keyboard Stringed Instrument Market Size in Singapore

The Singaporean keyboard stringed instrument market declined dramatically to $X in 2022, shrinking by X% against the previous year. Overall, consumption, however, enjoyed a strong expansion. Over the period under review, the market reached the maximum level at $X in 2021, and then contracted dramatically in the following year.

Keyboard Stringed Instrument Production in Singapore

In value terms, keyboard stringed instrument production totaled $X in 2022 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the production volume decreased by X% against the previous year. Keyboard stringed instrument production peaked in 2022 and is likely to continue growth in years to come.

Keyboard Stringed Instrument Exports

Exports from Singapore

Keyboard stringed instrument exports from Singapore shrank significantly to X units in 2022, reducing by X% compared with the previous year. Over the period under review, exports recorded a abrupt curtailment. The growth pace was the most rapid in 2016 when exports increased by X%. As a result, the exports reached the peak of X units. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, keyboard stringed instrument exports contracted rapidly to $X in 2022. Overall, exports continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2016 with an increase of X%. As a result, the exports attained the peak of $X. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Malaysia (X units) was the main destination for keyboard stringed instrument exports from Singapore, with a X% share of total exports. Moreover, keyboard stringed instrument exports to Malaysia exceeded the volume sent to the second major destination, Brunei Darussalam (X units), ninefold. Mauritius (X units) 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: Brunei Darussalam (X% per year) and Mauritius (X% per year).

In value terms, Malaysia ($X) remains the key foreign market for keyboard stringed instruments exports from Singapore, comprising X% of total exports. The second position in the ranking was taken by Brunei Darussalam ($X), with an X% share of total exports. It was followed by the United States, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Malaysia totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brunei Darussalam (X% per year) and the United States (X% per year).

Export Prices by Country

In 2022, the average keyboard stringed instrument export price amounted to $X per unit, declining by X% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 an increase of X% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2021, and then declined in the following year.

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

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

Keyboard Stringed Instrument Imports

Imports into Singapore

In 2022, keyboard stringed instrument imports into Singapore shrank significantly to X units, with a decrease of X% on the year before. In general, imports, however, posted a tangible expansion. The most prominent rate of growth was recorded in 2014 when imports increased by X% against the previous year. Imports peaked at X units in 2021, and then declined markedly in the following year.

In value terms, keyboard stringed instrument imports fell significantly to $X in 2022. Over the period under review, imports, however, showed a remarkable increase. The growth pace was the most rapid in 2014 with an increase of X%. Imports peaked at $X in 2021, and then dropped sharply in the following year.

Imports by Country

In 2022, Indonesia (X units) constituted the largest keyboard stringed instrument supplier to Singapore, accounting for a X% share of total imports. Moreover, keyboard stringed instrument imports from Indonesia exceeded the figures recorded by the second-largest supplier, China (X units), sevenfold.

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

In value terms, Indonesia ($X) constituted the largest supplier of keyboard stringed instruments to Singapore, comprising X% of total imports. The second position in the ranking was held by China ($X), with a X% share of total imports.

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

Import Prices by Country

In 2022, the average keyboard stringed instrument import price amounted to $X per unit, with an increase of X% against the previous year. Overall, import price indicated a prominent 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, keyboard stringed instrument import price decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2013 when the average import price increased by X% against the previous year. Over the period under review, average import prices reached the peak figure at $X per unit in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Indonesia ($X per unit), while the price for the United States ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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