Singapore: Potassium Sulphate (Sop) Market 2024

Potassium Sulphate (Sop) Market Size in Singapore

The Singaporean potassium sulphate (SOP) market shrank remarkably to $X in 2023, reducing by X% against the previous year. In general, consumption continues to indicate a precipitous shrinkage. Potassium sulphate (SOP) consumption peaked at $X in 2012; however, from 2013 to 2023, consumption stood at a somewhat lower figure.

Potassium Sulphate (Sop) Production in Singapore

In value terms, potassium sulphate (SOP) production amounted to $X in 2023 estimated in export price. Overall, production, however, saw a deep slump. The most prominent rate of growth was recorded in 2018 when the production volume increased by X% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2023, production stood at a somewhat lower figure.

Potassium Sulphate (Sop) Exports

Exports from Singapore

In 2023, approx. X tons of potassium sulphate (SOP) were exported from Singapore; with an increase of X% on the previous year. In general, exports showed a significant increase. The most prominent rate of growth was recorded in 2015 when exports increased by X%. The exports peaked in 2023 and are likely to see gradual growth in the immediate term.

In value terms, potassium sulphate (SOP) exports fell significantly to $X in 2023. Over the period under review, exports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2015 with an increase of X%. Over the period under review, the exports reached the peak figure at $X in 2022, and then reduced dramatically in the following year.

Exports by Country

Malaysia (X tons), India (X tons) and Vietnam (X tons) were the main destinations of potassium sulphate (SOP) exports from Singapore, with a combined X% share of total exports.

From 2012 to 2023, the biggest increases were recorded for Malaysia (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for potassium sulphate (SOP) exported from Singapore were India ($X), Vietnam ($X) and Pakistan ($X), together comprising X% of total exports.

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

Export Prices by Country

The average potassium sulphate (SOP) export price stood at $X per ton in 2023, declining by X% against the previous year. Over the period under review, the export price saw a abrupt decline. The most prominent rate of growth was recorded in 2022 when the average export price increased by X%. The export price peaked at $X per ton in 2012; however, from 2013 to 2023, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to India (X%), while the prices for the other major destinations experienced mixed trend patterns.

Potassium Sulphate (Sop) Imports

Imports into Singapore

In 2023, supplies from abroad of potassium sulphate (SOP) decreased by X% to X tons, falling for the second year in a row after two years of growth. Over the period under review, imports continue to indicate a abrupt setback. The growth pace was the most rapid in 2015 when imports increased by X%. As a result, imports attained the peak of X tons. From 2016 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, potassium sulphate (SOP) imports dropped dramatically to $X in 2023. Overall, imports continue to indicate a abrupt shrinkage. The pace of growth appeared the most rapid in 2015 when imports increased by X%. As a result, imports reached the peak of $X. From 2016 to 2023, the growth of imports remained at a lower figure.

Imports by Country

In 2023, the Netherlands (X tons) constituted the largest supplier of potassium sulphate (SOP) to Singapore, accounting for a X% share of total imports. Moreover, potassium sulphate (SOP) imports from the Netherlands exceeded the figures recorded by the second-largest supplier, South Korea (X tons), more than tenfold. Germany (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume from the Netherlands totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (X% per year) and Germany (X% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of potassium sulphate (SOP) to Singapore, comprising X% of total imports. The second position in the ranking was held by Germany ($X), with a X% share of total imports. It was followed by South Korea, with a X% share.

From 2012 to 2023, the average annual growth rate of value from the Netherlands totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (X% per year) and South Korea (X% per year).

Import Prices by Country

In 2023, the average potassium sulphate (SOP) import price amounted to $X per ton, reducing by X% against the previous year. Overall, the import price continues to indicate a perceptible decline. The most prominent rate of growth was recorded in 2014 when the average import price increased by X%. Over the period under review, average import prices hit record highs at $X per ton in 2015; however, from 2016 to 2023, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was China ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the Czech Republic (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform