Singapore: Market for Machine-Tools For Working Wood 2024

Market Size for Machine-Tools For Working Wood in Singapore

For the fifth consecutive year, the Singaporean machine-tool for working wood market recorded growth in sales value, which increased by X% to $X in 2023. In general, consumption posted significant growth. Over the period under review, the market attained the maximum level in 2023 and is expected to retain growth in the immediate term.

Production of Machine-Tools For Working Wood in Singapore

In value terms, machine-tool for working wood production contracted markedly to $X in 2023 estimated in export price. Over the period under review, production saw a abrupt descent. The growth pace was the most rapid in 2019 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2023, production growth remained at a somewhat lower figure.

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Exports of Machine-Tools For Working Wood

Exports from Singapore

In 2023, the amount of machine-tools for working wood exported from Singapore contracted sharply to X units, reducing by X% against the previous year's figure. Over the period under review, exports showed a abrupt slump. The pace of growth was the most pronounced in 2019 with an increase of X% against the previous year. As a result, the exports attained the peak of X units. From 2020 to 2023, the growth of the exports failed to regain momentum.

In value terms, machine-tool for working wood exports declined slightly to $X in 2023. Overall, exports recorded a deep setback. The pace of growth appeared the most rapid in 2022 with an increase of X% against the previous year. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

Malaysia (X units), the United States (X units) and India (X units) were the main destinations of machine-tool for working wood exports from Singapore.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Qatar (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X) remains the key foreign market for machine-tools for working wood exports from Singapore, comprising X% of total exports. The second position in the ranking was taken by Indonesia ($X), with a X% share of total exports. It was followed by China, with a X% share.

From 2012 to 2023, the average annual growth rate of value to Malaysia amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (X% per year) and China (X% per year).

Export Prices by Country

The average machine-tool for working wood export price stood at $X per unit in 2023, jumping by X% against the previous year. Overall, the export price enjoyed buoyant growth. The most prominent rate of growth was recorded in 2022 when the average export price increased by X% against the previous year. Over the period under review, the average export prices attained the maximum in 2023 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major export markets. In 2023, amid the top suppliers, the country with the highest price was Vietnam ($X per unit), while the average price for exports to Qatar ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Machine-Tools For Working Wood

Imports into Singapore

In 2023, purchases abroad of machine-tools for working wood increased by X% to X units, rising for the third consecutive year after three years of decline. Over the period under review, imports showed a significant expansion. The growth pace was the most rapid in 2021 when imports increased by X% against the previous year. Over the period under review, imports hit record highs in 2023 and are likely to see gradual growth in the near future.

In value terms, machine-tool for working wood imports contracted rapidly to $X in 2023. Overall, imports, however, saw a abrupt descent. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2023, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2023, China (X units) constituted the largest machine-tool for working wood supplier to Singapore, accounting for a X% share of total imports. Moreover, machine-tool for working wood imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), twofold. Taiwan (Chinese) (X units) ranked third in terms of total imports with a X% share.

From 2012 to 2023, the average annual growth rate of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (X% per year) and Taiwan (Chinese) (X% per year).

In value terms, China ($X), Japan ($X) and Taiwan (Chinese) ($X) were the largest machine-tool for working wood suppliers to Singapore, together accounting for X% of total imports. Italy, Malaysia, the United States, India, Germany and Turkey lagged somewhat behind, together comprising a further X%.

In terms of the main suppliers, Turkey, with a CAGR of X%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2023, the average machine-tool for working wood import price amounted to $X per unit, waning by X% against the previous year. In general, the import price continues to indicate a sharp setback. The most prominent rate of growth was recorded in 2014 when the average import price increased by X%. As a result, import price attained the peak level of $X per unit. From 2015 to 2023, the average import prices failed to regain momentum.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform