Singapore: Silk Yarn Market 2023

Silk Yarn Market Size in Singapore

The Singaporean silk yarn market dropped slightly to $X in 2021, reducing by -4.6% against the previous year. Overall, consumption, however, showed a abrupt descent. Silk yarn consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Silk Yarn Production in Singapore

In value terms, silk yarn production reduced to $X in 2021 estimated in export price. Overall, production, however, recorded a abrupt setback. The most prominent rate of growth was recorded in 2020 when the production volume increased by 19% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Silk Yarn Exports

Exports from Singapore

In 2021, silk yarn exports from Singapore dropped modestly to X tons, stabilizing at the previous year's figure. In general, exports recorded a noticeable shrinkage. The growth pace was the most rapid in 2017 with an increase of 180% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, silk yarn exports shrank dramatically to $X in 2021. Overall, exports recorded a deep downturn. The most prominent rate of growth was recorded in 2015 when exports increased by 145% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Indonesia (X tons) was the main destination for silk yarn exports from Singapore, with a approx. 97% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Indonesia totaled -1.8%.

In value terms, Indonesia ($X) also remains the key foreign market for silk yarn and yarn spun from silk waste exports from Singapore.

From 2012 to 2021, the average annual growth rate of value to Indonesia amounted to -7.2%.

Export Prices by Country

In 2021, the average silk yarn export price amounted to $X per ton, shrinking by -55% against the previous year. Overall, the export price recorded a deep slump. The pace of growth was the most pronounced in 2020 an increase of 116%. Over the period under review, the average export prices attained the maximum at $X per ton in 2016; however, from 2017 to 2021, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Indonesia.

From 2012 to 2021, the rate of growth in terms of prices for Germany amounted to +1,292.5% per year.

Silk Yarn Imports

Imports into Singapore

In 2021, supplies from abroad of silk yarn and yarn spun from silk waste decreased by -0.6% to X tons, falling for the fourth consecutive year after three years of growth. Over the period under review, imports continue to indicate a deep slump. The pace of growth appeared the most rapid in 2015 when imports increased by 90%. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, silk yarn imports skyrocketed to $X in 2021. In general, imports recorded a abrupt decline. The pace of growth appeared the most rapid in 2015 when imports increased by 95% against the previous year. Over the period under review, imports reached the peak figure at $X in 2016; however, from 2017 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) was the main silk yarn supplier to Singapore, accounting for a 91% share of total imports. It was followed by the United States (X kg), with a 2.5% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled -7.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+14.9% per year) and India (-37.1% per year).

In value terms, China ($X) constituted the largest supplier of silk yarn and yarn spun from silk waste to Singapore, comprising 62% of total imports. The second position in the ranking was taken by the United States ($X), with a 27% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled -9.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+83.8% per year) and India (-33.3% per year).

Import Prices by Country

The average silk yarn import price stood at $X per ton in 2021, picking up by 49% against the previous year. Over the period under review, import price indicated a measured increase from 2012 to 2021: its price increased at an average annual rate of +2.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, silk yarn import price increased by +81.3% against 2018 indices. The import price peaked at $X per ton in 2016; however, from 2017 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+59.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Market Intelligence Platform

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