Singapore: Salt Market 2022

Salt Market Size in Singapore

The Singaporean salt market fell markedly to $X in 2021, waning by -X% 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). Overall, consumption recorded a pronounced shrinkage. Salt consumption peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Salt Exports

Exports from Singapore

Salt exports from Singapore skyrocketed to X tonnes in 2021, with an increase of X% on the previous year. Over the period under review, exports saw significant growth. The most prominent rate of growth was recorded in 2019 when exports increased by X% against the previous year. As a result, the exports attained the peak of X tonnes. From 2020 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, salt exports soared to $X in 2021. Overall, exports posted a resilient increase. The pace of growth was the most pronounced in 2018 when exports increased by X%. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X tonnes) was the main destination for salt exports from Singapore, accounting for a X% share of total exports. Moreover, salt exports to the United States exceeded the volume sent to the second major destination, Malaysia (X tonnes), threefold. Indonesia (X tonnes) ranked third in terms of total exports with a X% share.

From 2012 to 2021, the average annual growth rate of volume to the United States stood at +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+X% per year) and Indonesia (+X% per year).

In value terms, Malaysia ($X) remains the key foreign market for salt exports from Singapore, comprising X% of total exports. The second position in the ranking was occupied by the United States ($X), with a X% share of total exports. It was followed by Indonesia, with a X% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Malaysia stood at -X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+X% per year) and Indonesia (-X% per year).

Export Prices by Country

In 2021, the average salt export price amounted to $X per tonne, reducing by -X% against the previous year. Overall, the export price continues to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2020 an increase of X% against the previous year. The export price peaked at $X per tonne in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (-X%), while the prices for the other major destinations experienced a decline.

Salt Imports

Imports into Singapore

In 2021, salt imports into Singapore declined to X tonnes, reducing by -X% against 2020 figures. Overall, imports continue to indicate a drastic downturn. The pace of growth was the most pronounced in 2018 with an increase of X% against the previous year. Imports peaked at X tonnes in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, salt imports reduced to $X in 2021. In general, total imports indicated a mild expansion from 2012 to 2021: its value decreased at an average annual rate of -X% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +X% against 2019 indices. The most prominent rate of growth was recorded in 2017 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, India (X tonnes) constituted the largest supplier of salt to Singapore, accounting for a X% share of total imports. Moreover, salt imports from India exceeded the figures recorded by the second-largest supplier, Australia (X tonnes), threefold. Malaysia (X tonnes) ranked third in terms of total imports with an X% share.

From 2012 to 2021, the average annual growth rate of volume from India stood at +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (-X% per year) and Malaysia (+X% per year).

In value terms, the United States ($X) constituted the largest supplier of salt to Singapore, comprising X% of total imports. The second position in the ranking was occupied by Malaysia ($X), with an X% share of total imports. It was followed by India, with a X% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States amounted to +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+X% per year) and India (+X% per year).

Import Prices by Country

In 2021, the average salt import price amounted to $X per tonne, leveling off at the previous year. Over the period under review, the import price, however, continues to indicate prominent growth. The pace of growth was the most pronounced in 2017 when the average import price increased by X% against the previous year. As a result, import price attained the peak level of $X per tonne. From 2018 to 2021, the average import prices remained at a lower figure.

Prices varied noticeably by the country of origin: the country with the highest price was the United States ($X per tonne), while the price for India ($X per tonne) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform