Singapore: Working Wire Machine Market 2022

Working Wire Machine Market Size in Singapore

The Singaporean working wire machine market expanded notably to $X in 2021, surging by 11% against the previous year. In general, consumption, however, saw prominent growth. Working wire machine consumption peaked at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Working Wire Machine Production in Singapore

In value terms, working wire machine production surged to $X in 2021 estimated in export price. In general, production showed a buoyant expansion. The growth pace was the most rapid in 2018 when the production volume increased by 53% against the previous year. Working wire machine production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Working Wire Machine Exports

Exports from Singapore

In 2021, after two years of decline, there was significant growth in overseas shipments of machines for working wire, when their volume increased by 52% to X units. In general, exports, however, saw a abrupt decrease. The growth pace was the most rapid in 2018 with an increase of 115% against the previous year. Over the period under review, the exports attained the peak figure at X units in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, working wire machine exports skyrocketed to $X in 2021. Overall, exports, however, showed a mild shrinkage. The growth pace was the most rapid in 2018 with an increase of 469%. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Indonesia (X units) was the main destination for working wire machine exports from Singapore, accounting for a 75% share of total exports. Moreover, working wire machine exports to Indonesia exceeded the volume sent to the second major destination, Malaysia (X units), fivefold. China (X units) ranked third in terms of total exports with a 4.1% share.

From 2012 to 2021, the average annual growth rate of volume to Indonesia amounted to +40.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+5.6% per year) and China (-5.8% per year).

In value terms, Indonesia ($X) remains the key foreign market for working wire machine exports from Singapore, comprising 89% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 7.6% share of total exports. It was followed by China, with a 1.4% share.

From 2012 to 2021, the average annual growth rate of value to Indonesia stood at +54.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+12.1% per year) and China (-6.3% per year).

Export Prices by Country

The average working wire machine export price stood at $X per unit in 2021, dropping by -5.5% against the previous year. Overall, the export price, however, posted significant growth. The pace of growth was the most pronounced in 2018 when the average export price increased by 165%. Over the period under review, the average export prices attained the maximum at $X per unit in 2020, and then contracted in the following year.

Prices varied noticeably country of destination: the country with the highest price was Indonesia ($X per unit), while the average price for exports to Thailand ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to India (+38.1%), while the prices for the other major destinations experienced more modest paces of growth.

Working Wire Machine Imports

Imports into Singapore

In 2021, supplies from abroad of machines for working wire increased by 18% to X units for the first time since 2018, thus ending a two-year declining trend. In general, imports, however, continue to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2013 when imports increased by 79%. As a result, imports attained the peak of X units. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, working wire machine imports declined to $X in 2021. Overall, imports, however, showed a deep slump. The growth pace was the most rapid in 2018 when imports increased by 112%. Imports peaked at $X in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China (X units), the UK (X units) and Taiwan (Chinese) (X units) were the main suppliers of working wire machine imports to Singapore, with a combined 65% share of total imports.

From 2012 to 2021, the biggest increases were in the UK (with a CAGR of +56.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), Malaysia ($X) and Japan ($X) constituted the largest working wire machine suppliers to Singapore, together accounting for 66% of total imports. These countries were followed by China, Taiwan (Chinese), the UK, the United States, Germany and Austria, which together accounted for a further 32%.

In terms of the main suppliers, the UK, with a CAGR of +52.5%, saw 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

In 2021, the average working wire machine import price amounted to $X per unit, which is down by -26.8% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the average import price increased by 53%. Over the period under review, average import prices attained the peak figure at $X per unit in 2015; however, from 2016 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+33.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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